Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.26.995 Short title.
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This chapter may be cited as the Revised Alaska Trust Company Act.
AS 06.35.010 Common trust funds.
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(a) A bank or trust company that is qualified to act as a fiduciary in this state, or in another state if affiliated with a bank or trust company that is qualified to act as a fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to (…
AS 06.35.020 Accounting to court.
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Unless ordered by a court of competent jurisdiction, a bank or trust company operating a common trust fund is not required to render a court accounting with regard to the fund. A bank or trust company may, by application to the superior court, secure approval of an accounting it …
AS 06.35.030 Procedure for accounting to court.
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When an accounting of a common trust fund is presented to the superior court under AS 06.35.020 for approval, the court shall assign a time and place for hearing and order notice of the hearing by (1) publication once a week for three weeks, the first publication to be not less t…
AS 06.35.040 Uniformity of interpretation.
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This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
AS 06.35.050 Short title.
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This chapter may be cited as the Uniform Common Trust Fund Act.
AS 06.40.010 License required.
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Except as provided in AS 06.40.020, a person may not engage in the business of entering into premium finance agreements on insurance sold in this state or risks located in this state, either directly or indirectly, or otherwise act as a premium finance company in this state witho…
AS 06.40.020 Applicability.
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This chapter does not apply to (1) an insurer authorized to transact business in this state with respect to premiums on policies that the insurer issues; (2) a bank, trust company, savings association, or other financial institution subject to the other chapters of this title and…
AS 06.40.030 Bond.
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(a) The applicant shall file with the application a bond to be approved by the department in which the applicant is the obligor, in the sum of $5,000 with one or more sureties. The bond shall be for the use of the state and any person who may have a cause of action against the ob…
AS 06.40.040 Annual license fee.
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On or before December 20 of each year, each licensee shall pay a fee of $200 to the department as an annual license fee for the next succeeding calendar year. At that same time the licensee shall file with the department a new bond that complies with AS 06.40.030.
AS 06.40.050 Application for license; fee; disclosure for child support purposes; interrogatories; refusal to issue or continue license.
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(a) Application for a license under this chapter shall be in writing and in the form prescribed by the department. If the applicant is a natural person, the application form must require submission of the applicant's social security number. (b) All reasonable investigation expens…
AS 06.40.060 Place of business.
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(a) A licensee may maintain only one place of business under a license. The department may issue more than one license to the same licensee upon application and compliance by the licensee with the provisions of this chapter governing the original issuance of a license. (b) If a l…
AS 06.40.070 Investigation; qualifications for license.
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(a) Upon the filing of an application and payment of the investigation fee specified in AS 06.40.050(b), the commissioner shall conduct an investigation of an applicant and shall issue a premium finance company license if the applicant meets the requirements of this chapter. If t…
AS 06.40.080 Revocation or suspension of license.
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Article 2. Operations. The commissioner may revoke or suspend the license of any licensee when, upon completion of an investigation, the commissioner determines that (1) the license issued to the company was obtained by fraud; (2) there was misrepresentation in the application fo…
AS 06.40.090 Misleading statements prohibited; disclosure of interest rate.
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(a) A person may not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner, any statement or representation with regard to the rates, terms, or conditions for the …
AS 06.40.100 Record keeping; examination of records; report.
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(a) A licensee shall maintain records of its premium finance transactions, including the insurance agents through which the licensee provides loans to residents of this state, and the records shall be open to examination and investigation by the commissioner at the office of the …
AS 06.40.110 Contents of premium finance agreement; deficiency balances.
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(a) A premium finance agreement must (1) be dated, signed by the borrower, and the printed portion of it shall be in at least eight-point type; (2) contain the name and place of business of the insurance agent negotiating the related insurance policy, the name and residence or th…
AS 06.40.120 Service charge; interest rate; prepayment.
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(a) A premium finance company may not charge, contract for, receive, or collect a service charge other than as permitted by this chapter. (b) The service charge is to be computed on the balance of the premiums due, after subtracting the down payment made by the borrower in accord…
AS 06.40.130 Delinquency charge; separate financing.
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(a) A premium finance agreement may provide for the payment by the borrower of a delinquency charge for any payment that is in default for a period of 10 days or more. The charge may be made for each month or fraction of a month that the payment is in default. The amount of the c…
AS 06.40.140 Cancellation of policy.
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(a) When a premium finance agreement contains a power of attorney enabling the licensee to cancel the insurance policy listed in the agreement, the insurance policy may not be cancelled by the licensee unless the cancellation is effectuated under this section. (b) The licensee sh…
AS 06.40.150 Return of unearned premiums.
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Article 3. General Provisions. (a) If a financed insurance policy is cancelled, and provided the insurer has been notified of the assignment of interest of the insured to the licensee, the insurer shall, within 60 days after the effective date of cancellation, take the steps that…
AS 06.40.160 Consequences of violations.
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(a) A lender who, in the making of any contract, loan, or premium finance agreement or the collection of interest or charges, does any act that violates AS 06.40.010 — 06.40.020, 06.40.090, or 06.40.110 — 06.40.130 shall at the option of the commissioner reimburse that portion of…
AS 06.40.170 Filing not required to perfect validity of agreement.
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A filing under AS 45.29 of the premium finance agreement is not necessary to perfect the validity of the agreement as a secured transaction against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns.
AS 06.40.180 Regulations, orders.
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The commissioner shall adopt regulations necessary to carry out this chapter, and the commissioner may order any person to cease violation of this chapter or a regulation adopted under it.
AS 06.40.190 Definitions.
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In this chapter, unless the context otherwise requires, (1) “commissioner” means the commissioner of commerce, community, and economic development or a designee of the commissioner; (2) “department” means the Department of Commerce, Community, and Economic Development; (3) “premi…
AS 06.45.010 Responsibility of commissioner.
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(a) The commissioner shall administer this chapter. (b) The commissioner may by regulation define the powers of credit unions formed under this chapter and adopt regulations to carry out the purposes of credit unions consistent with this chapter and AS 06.01.020. (c) The commissi…
AS 06.45.020 Formation of credit union.
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(a) Seven or more natural persons who desire to form a credit union shall subscribe before an officer competent to administer oaths, articles of incorporation in duplicate that must state (1) the name of the credit union; (2) the location of the credit union and the territory in …
AS 06.45.030 Approval of articles of incorporation and issuance of certificate of authority.
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(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine (1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations…
AS 06.45.040 Fees.
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(a) The commissioner shall assess a credit union a fee for expenses under AS 06.01.010 in processing an application (1) for approval of articles of incorporation and bylaws and the issuance of a certificate of authority for a credit union; (2) for the approval of a branch of a cr…
AS 06.45.050 Reports and examinations.
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A credit union organized under this chapter is under the supervision of the commissioner and shall make an annual financial report to the commissioner and shall make other financial reports required by regulations adopted by the commissioner. A credit union is subject to examinat…
AS 06.45.060 Powers of a credit union; remedy for interest violations.
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(a) A credit union has succession in its corporate name during its existence and may (1) enter into a contract; (2) sue and be sued; (3) adopt, use, and alter a common seal; (4) purchase, hold, and dispose of property; (5) make loans, the maturities of which may not exceed 20 yea…
AS 06.45.070 Membership.
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Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the commissioner, elected to membership. Each member shall subscribe to at least one share of the stock of …
AS 06.45.080 Meetings of members.
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The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after the end of the fiscal year at a place its bylaws prescribe. Special meetings may be held under the bylaws. A member may not vote by proxy, but a member…
AS 06.45.090 Management of credit union.
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(a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee of not less than three members; and (3) a supervisory committee of not less than three members or more than five members. The members of the board of dire…
AS 06.45.100 Compensation.
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A member of the board of directors or of the credit or supervisory committees may not be compensated for service on the board of directors or credit or supervisory committees. Reasonable health, accident, and similar insurance protection is not compensation under this section and…
AS 06.45.110 Executive officers.
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(a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers of the credit union. (b) An executive officer, other than the treasurer, may not be compensated as an officer. (c) The offices of secret…
AS 06.45.120 Board of directors.
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(a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs of the credit union. Minutes of all meetings shall be kept. (b) The board of directors shall (1) act upon applications for membership; (2) require …
AS 06.45.130 Applications for membership.
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(a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union. (b) Each month the board of directors shall review a list of applications for membership acted on during the preceding month. (c) If an applicatio…
AS 06.45.140 Powers and duties of credit committee.
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(a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to members of the credit committee. (b) …
AS 06.45.150 Loan restriction.
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A loan may not be made to a member if, on the making of the loan, the member would be indebted to the credit union on loans from the credit union in an amount exceeding 10 percent of the unimpaired capital and surplus of the credit union.
AS 06.45.160 Security.
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For the purposes of loans made under this chapter, an assignment of shares or the endorsement of a note constitutes security, and, subject to regulations adopted by the commissioner, insurance obtained under Title 1 of the National Housing Act is adequate security.
AS 06.45.170 Powers and duties of supervisory committee; suspension of committee members.
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(a) The supervisory committee shall conduct an annual audit of the accounts of the credit union and submit a report of the audit to the board of directors and a summary of the audit to the members at the next annual members meeting of the credit union. The supervisory committee m…
AS 06.45.180 Reserves.
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(a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve against losses on loans and against other losses specified in regulations adopted by the commissioner under this chap…
AS 06.45.190 Dividends.
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At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted by the commissioner, a dividend to be paid at different rates on different types of shares and at different rates and matu…
AS 06.45.200 Expulsion and withdrawal of members.
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A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the purpose, but only after the member has been given an opportunity to be heard. Withdrawal or expulsion of a member does not discharge the liability of the mem…
AS 06.45.210 Minors or trusts.
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Shares of a credit union may be issued in the name of a minor or in trust, subject to conditions prescribed by the bylaws. When shares are issued in trust, the name of the beneficiary shall be disclosed to the credit union.
AS 06.45.220 Suspension, conditional operation, and liquidation.
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(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissio…
AS 06.45.230 Exemption from taxation.
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A credit union organized under this chapter, its property, franchises, capital, reserves, surpluses, and other funds, and its income are exempt from taxation by the state or a political subdivision of the state, except that real property and tangible personal property owned by a …
AS 06.45.240 Conversions.
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(a) A federal credit union may convert into a credit union organized under this chapter by complying with applicable federal law and by qualifying under this chapter. (b) A credit union organized under this chapter may convert into a federal credit union by complying with this ch…
AS 06.45.250 Insurance of member accounts.
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A credit union organized under this chapter shall, under regulations adopted by the commissioner, participate in insurance of member accounts under programs offered by the National Credit Union Administration Board or a program of comparable insurance approved by the commissioner…