Sec. 06.45.160. Security.
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.
Sec. 06.45.010. Responsibility of commissioner.
(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 commissioner may delegate any authority, power, or function granted by this chapter. […]
Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members.
(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 may conduct supplementary audits as […]
Sec. 06.45.020. Formation of credit union.
(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 which it will operate; (3) the names […]
Sec. 06.45.180. Reserves.
(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 chapter sums in accordance with the following schedule: […]
Sec. 06.40.060. Place of business.
(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 licensee changes the place of business to […]
Sec. 06.40.070. Investigation; qualifications for license.
(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 the commissioner does not so find, the commissioner shall, within 30 […]
Sec. 06.40.080. Revocation or suspension of license.
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 for the license; (3) the holder of the license has otherwise proven to be untrustworthy or […]
Sec. 06.40.090. Misleading statements prohibited; disclosure of interest rate.
(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 lending of money, credit, goods, or things in action which is false, misleading, […]
Sec. 06.40.100. Record keeping; examination of records; report.
(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 licensee. All records pertaining to insurance contracts financed by state residents […]