Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.01.010 Examination and investigation fees and assessments.
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(a) The expenses of the department reasonably incurred in the examination or investigation of all financial institutions or applications to establish financial institutions regulated by the department under this title shall be charged to and paid by each financial institution as …
AS 06.01.015 Examinations.
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(a) Financial institutions regulated under this title, except licensees subject to AS 06.40, are subject to at least one examination every 18 months. The department may conduct additional examinations and may examine licensees subject to AS 06.40 at its discretion. (b) The depart…
AS 06.01.020 Department authority to add financial institution powers and limitations.
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(a) Notwithstanding other provisions of this title, the department may by order authorize state financial institutions, except licensees subject to AS 06.20, AS 06.40, or AS 06.50, to exercise any of the powers conferred upon, or to be subject to any of the limitations imposed up…
AS 06.01.025 Records of department.
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(a) Information in the records of the department obtained through the administration of this title is confidential, is not subject to subpoena, and may be revealed only with the consent of the department. (b) The department shall retain reports of examinations for five years.
AS 06.01.028 Depositor and customer records confidential.
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(a) The records of financial institutions relating to their depositors and customers and the information in the records are confidential. A financial institution may not disclose the records and information to another person except when, and only to the extent that, the disclosur…
AS 06.01.030 Orders and injunctions; notice and hearings.
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(a) Whenever it appears to the department that a person is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of a financial institution, or is violating, has violated, or is about to violate a provision of this title or a reg…
AS 06.01.035 Penalties.
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(a) A person who knowingly violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, for which a specific remedy is not provided, is guilty of a class A misdemeanor. (b) A person who, without first recei…
AS 06.01.040 Examination policy.
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It shall be the policy of the department to conduct, whenever reasonably possible, joint examinations with the Federal Deposit Insurance Corporation or with the National Credit Union Administration of those institutions subject to this title whose accounts are insured through tho…
AS 06.01.045 Accounting and disposition of fees. [Repealed, § 28 ch 90 SLA 1991.]
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[Repealed or reserved.]
AS 06.01.048 Regulations.
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Regulations required or authorized under this title shall be adopted under AS 44.62 (Administrative Procedure Act).
AS 06.01.050 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) “finan…
AS 06.05.005 Powers of department.
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(a) The department shall (1) exercise general supervision over all state financial institutions and their subsidiaries and affiliated corporations; (2) adopt regulations necessary to implement this chapter, including regulations providing for the retention and preservation of sta…
AS 06.05.010 Notice and hearing. [Repealed, § 54 ch 169 SLA 1978. For current law, see AS 06.01.030.]
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[Repealed or reserved.]
AS 06.05.015 Secs. 06.05.015 — 06.05.040. Powers over state banks; miscellaneous powers of department; bank examinations; banks exempt from examination; examination fee; examiner's oath. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.045 Bank reports to the department.
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(a) Each state bank shall make at least four reports of condition each year to the department on days designated by, and on forms prescribed by, the department. The report shall be signed by a duly authorized officer of the bank and shall be signed by at least three directors who…
AS 06.05.050 Publication of reports.
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(a) Condensed forms of all reports of condition required by AS 06.05.045(a) shall be immediately posted on the primary Internet website of the state bank and may also be (1) published by the state bank in a newspaper of general circulation published in the place where the state b…
AS 06.05.055 Secs. 06.05.055 , 06.05.060. Annual report of department; records of department. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.065 Financial institution interest of department officers and employees.
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(a) A bank examiner of the department who deals with the regulation of financial institutions, a special agent selected by the department to do work relating to financial institutions, the commissioner or deputy commissioner, or the director of banking may not be an officer, empl…
AS 06.05.070 Preservation of bank records. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.075 Standards.
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The department, in the exercise of its authority under this chapter, shall act in the interests of promoting and maintaining a sound and competitive banking system, the security of deposits and customers, the liquid position of banks, and the prevention of injurious credit expans…
AS 06.05.080 Secs. 06.05.080 , 06.05.085. Effect of invalidity of order or regulation; limitation of personal liability. [Repealed, § 102 ch 26 SLA 1993.]
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Article 2. Banking Practices.
AS 06.05.090 Certification of checks.
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(a) The check of a depositor may not be certified unless the amount of the check actually stands to the credit of the drawer. (b) Any check certified is a valid obligation against the bank when held by an innocent holder. (c) [Repealed, § 102 ch 26 SLA 1993.]
AS 06.05.095 Payment of items.
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If the balance in an account subject to withdrawal by or upon the order of a depositor is insufficient to pay an item presented for payment, a bank may select from the items that in the aggregate exceed the balance the items to be paid in the order convenient to the bank.
AS 06.05.100 Deposit of minor or person under disability.
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Where a deposit is made in a bank by or on behalf of a minor or a person under disability in the name of the minor or person under disability, the bank may pay the money on check or order of that person as in other cases.
AS 06.05.105 Secs. 06.05.105 , 06.05.110. Deposits in two names; deposits in trust. [Repealed, § 5 ch 78 SLA 1972. For current law, see AS 13.33.]
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[Repealed or reserved.]
AS 06.05.120 Notice of charges.
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A bank or other financial institution that levies a charge for the establishment or maintenance of personal nonbusiness demand deposit accounts shall clearly post a schedule of the charges in each of its places of business where these accounts are opened.
AS 06.05.130 Final adjustment of statements of account. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.145 Adverse claim to bank deposit.
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Notice to a bank of an adverse claim to a deposit standing on its books to the credit of a person is ineffective unless the adverse claimant procures a restraining order, injunction or other appropriate process against the bank from a court in a cause where the person to whose cr…
AS 06.05.160 Transmitting money and foreign exchange.
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A bank may accept for transmission and transmit money, and may buy and sell foreign exchange to the extent necessary to meet the reasonably anticipated needs of customers.
AS 06.05.165 Optional five-day week. [Repealed, § 1 ch 56 SLA 1971.]
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[Repealed or reserved.]
AS 06.05.166 Legal holidays and closings.
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(a) A bank organized under or doing business under the laws of the state or a national bank may remain closed on the legal holidays described in AS 44.12.010 — 44.12.025. The bank shall post a notice of holiday closing in the place of business affected at least seven days in adva…
AS 06.05.175 Depositor and customer records confidential. [Repealed, § 55 ch 75 SLA 2002.]
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[Repealed or reserved.]
AS 06.05.180 Fiduciary and other powers authorized.
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Every bank organized under this chapter, subject to the restrictions and limitations of laws and the regulations of the department, may (1) act as trustee under any mortgage or bond issued by the state, or any municipality, body politic, or corporation, foreign or domestic, and a…
AS 06.05.185 Secs. 06.05.185 — 06.05.195. Application of chapter to trust companies; supervision by the department; dissolution of trust companies. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.197 Nominees.
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Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. (a) A state or national bank or a trust company, when acting in the state as a fiduciary or as a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if a…
AS 06.05.200 Reserves against deposits.
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(a) A bank shall maintain a reserve fund sufficient to maintain liquidity and meet all reasonable demands of depositors, as provided in regulations adopted by the department. (b) [Repealed, § 102 ch 26 SLA 1993.] (c) [Repealed, § 102 ch 26 SLA 1993.] (d) If the reserve fund of a …
AS 06.05.205 Loans and extensions of credit.
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(a) The total loans and extensions of credit by a state bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with (b) of this section, by collateral having a market value at least equal to the amount of the loan or extension of cred…
AS 06.05.206 Leasehold and development loans. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.207 Real estate loans.
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(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured primarily by a first lien on an interest in improved or unimproved real property, including leases, if (1) the making of the loan is consistent with written lending policies of the bank an…
AS 06.05.208 Revolving credit plans. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.209 Credit cards.
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(a) A bank is not prohibited from issuing unsolicited credit cards or other similar credit granting devices but the bank may not hold the customer liable for charges made on a credit card or other device before its acceptance by the customer. Before an unsolicited card is conside…
AS 06.05.210 Loans to directors, officers, and employees.
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(a) Subject to the same terms and conditions applicable to other loans and to applicable federal law, a director or executive officer of a state bank may borrow up to $500,000 from the state bank at the discretion of the chief executive or managing officer of the state bank. A lo…
AS 06.05.211 Loans secured by forest tracts.
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(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a first lien on a forest tract if (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department; (2) before the loan is ma…
AS 06.05.212 Overdrafts.
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(a) A director, officer, or employee of a state bank may not knowingly, wilfully, and persistently overdraw the director's, officer's, or employee's account or permit a customer to do so. (b) An overdraft of more than 30 days' standing may not be allowed as an asset of the bank. …
AS 06.05.215 Liability of directors and officers for certain loans.
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A director, executive officer, managing officer, or issuing officer of a state bank who knowingly or with gross negligence approves or permits the funds of the bank to be lent or overdrafts to be made in an unsafe or unsound manner, or in violation of an order of the department, …
AS 06.05.220 Loans under Title I of the National Housing Act. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.225 Application of other laws to loans insured under national housing act.
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The laws of the state prescribing or limiting interest rates upon loans do not apply to loans insured under 12 U.S.C. 1706c (National Housing Act).
AS 06.05.230 Investment in property and banking premises.
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A bank may acquire, purchase, hold, and convey real and personal property for the following purposes only: (1) that which is necessary for the convenient transaction of, or the promotion of, its business, including buildings containing banking offices, equipment, furniture and fi…
AS 06.05.231 Bank service corporations.
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(a) A bank may invest not more than 10 percent of its paid-in and unimpaired capital and surplus in a bank service corporation if (1) the bank submits an application requesting permission to invest in a bank service corporation to the department, accompanied by complete informati…
AS 06.05.232 Leasing of real and personal property. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]