Sec. 06.50.470. Renewal of advance.
(a) The minimum term of a renewal of an advance is 14 days. (b) A licensee may not renew an advance more than two consecutive times, after which the licensee shall require the advance recipient to repay the advance in full. (c) A licensee may not renew an advance for fees greater than the fees […]
Sec. 06.50.200. Transfer or assignment.
Except for the transfer of a license to a new location under AS 06.50.220, a licensee may not transfer or assign the licensee’s license.
Sec. 06.50.480. Rescission.
A person who receives an advance may rescind an advance without cause and without cost, except for the nonrefundable origination fee, at any time before the close of business on the business day following the day on which the advance was made by paying the principal amount of the advance to the licensee in cash […]
Sec. 06.50.210. Change in control.
The prior written approval of the department is required for the continued operation of a licensee’s deferred deposit advance business when a change in control of the licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The licensee requesting approval of the change in […]
Sec. 06.50.220. Change in location or name.
A licensee shall notify the department in writing at least 15 days before any proposed change in the licensee’s business location or name, and shall provide the department with the information described in AS 06.50.030(a).
Sec. 06.45.300. Unauthorized conduct of credit union business.
It is a class A misdemeanor for a natural person to conduct business under a name or title that contains the words “credit union” or a derivation of them or to represent to be conducting business as a credit union.
Sec. 06.45.310. Transfer of credit union’s property to preferred creditor is void.
The transfer of property, money, or assets by a credit union after it becomes insolvent, to prefer one creditor over another, or to prevent the equal distribution of its property and assets among its creditors is void.
Sec. 06.45.340. Limitations on credit unions.
A credit union may not acquire control directly or indirectly of another financial institution or invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or any other similar organization, corporation, or association except as expressly provided by this chapter.
Sec. 06.45.400. Definitions.
In this chapter, (1) “commissioner” means the commissioner of commerce, community, and economic development; (2) “credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes; (3) “credit union association” means […]
Sec. 06.50.010. License required.
A person, including a person doing business from outside this state, may not engage in the business of making or offering to make deferred deposit advances in this state without having a license under this chapter. A separate license is required for each physical location or Internet website from which the person conducts the business.