Sec. 06.26.210. Requirements to apply for and maintain status as a private trust company.

466 words·~2 min read·/ak/title-6/chapter-26/06-26-210

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(a)To obtain an exemption under AS 06.26.200 , a person shall file an application with the department containing

(1)a nonrefundable application fee established by the department by regulation;

(2)information that demonstrates that the person qualifies under AS 06.26.200 (c);

(3)a detailed statement under oath showing the applicant's assets and liabilities as of the end of the month that precedes the date of the filing of the application with the department;

(4)a statement under oath of the reason for requesting the exemption;

(5)a statement under oath that the applicant currently does not offer fiduciary services to the general public and that the applicant will not offer fiduciary services to the general public without the prior written permission of the department;

(6)the current street address of the physical location in this state where the applicant will maintain its records, the applicant's current telephone number at that location, and a statement under oath that the address given is true and correct and not a United States Postal Service post office box or a private commercial mail drop;

(7)a list of the specific provisions of this chapter or regulations adopted under this chapter from which the applicant requests an exemption.

(b)The department may not approve an exemption under this section unless the application complies with

(a)of this section.

(c)To maintain its exemption under AS 06.26.200 , a private trust company

(1)may not offer fiduciary services to the general public;

(2)shall continue to qualify under AS 06.26.200 (c); and

(3)shall file an annual certification on or before December 31 of each year on a form provided by the department that the private trust company is maintaining the conditions and limitations of its exempt status; the annual certification must be accompanied by a fee established by the department by regulation.

(d)The annual certification required under

(c)of this section is valid only if it bears an acknowledgment stamped by the department. The department has 60 days from the date it receives the annual certification to review the annual certification and return a copy of the acknowledged annual certification to the private trust company. The burden is on the exempt private trust company to notify the department of a failure to return a copy of an acknowledged annual certification within the 60-day period.

(e)The department may examine or investigate the private trust company periodically as necessary to verify the annual certification.

(f)Notwithstanding having an exemption under AS 06.26.200 , a private trust company shall comply with the home office provisions of AS 06.26.150 and shall report to the department any change of address or telephone number within 30 days after the change.