Sec. 06.01.015. Examinations.

229 words·~1 min read·/ak/title-6/chapter-1/06-01-015

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

(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 department shall select one or more competent persons to make examinations of financial institutions. The examiner shall take and subscribe an oath that

(1)the examiner will honestly and impartially examine into and report the condition of the institution as to assets and liabilities and other information required by the department;

(2)the examiner will not disclose the information the examiner obtains through the examination to a person other than the department;

(3)at the time of employment, the examiner is not obligated to, or the owner of an interest in, the institution and is not an officer or shareholder of the institution;

(4)the examiner does not own more than five percent of the voting shares in another financial institution in the state; and

(5)the examiner is not an officer or employee of another financial institution in the state.

(c)The department shall promptly call to the attention of the directors of an institution irregularities in the conduct of the financial institution's business and any violations. The department shall send a copy of the report of examination to the institution examined.