Sec. 45.66.020. Registration procedure.

415 words·~2 min read·/ak/title-45/chapter-66/45-66-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)To register under AS 45.66.010 , a person shall file with the department

(1)the disclosure statement required by AS 45.66.080 and any advertising, pamphlets, brochures, or other materials to be used in the offering or promoting of the business opportunity;

(2)the bond required by AS 45.66.060 ;

(3)an irrevocable consent appointing the department as the person's agent for the receipt of service of process in a court action or other proceeding against the person, or the successor in interest of the person, for a violation of this chapter;

(4)a completed application form that satisfies

(b)of this section;

(5)a signed statement that the person has read and will comply with this chapter and the regulations adopted under it;

(6)the fee required by AS 45.66.040 ; and

(7)other information requested by the department to evaluate whether the person meets the requirements of this chapter.

(b)The department shall establish by regulation the application forms for registrations under this chapter. The application forms must require the submission of the following information:

(1)the nature of the business opportunity and the method by which it will be offered, advertised, or promoted;

(2)the identity and business practices of the person who will be the seller, including information on a related person; and

(3)a disclosure of criminal convictions, civil judgments, orders, consent decrees, and administrative determinations involving allegations of

(A)fraud, theft, embezzlement, fraudulent conversion, misappropriation of property, the use of untrue or misleading representations in an attempt to sell or dispose of real or personal property, violations of this chapter, violations of AS 45.63 (solicitations by telephonic means), violations of AS 45.68 (charitable solicitations), or unfair or deceptive business practices under AS 45.50.471 — 45.50.561, or a substantially similar law of another jurisdiction, by the person who will be the seller or by a related person; or

(B)a violation of securities or investment laws by the person who will be the seller or by a related person.

(c)Registration under AS 45.66.010 or renewal under AS 45.66.030 is not complete until the person or seller receives an acknowledgment from the department that the person or seller has complied with

(a)of this section or AS 45.66.030 , as applicable.

(d)In this section, “related person” means an owner, employee, agent, or officer of the business opportunity being sold, or a person affiliated with the person who will be the seller of the business opportunity.