Sec. 06.05.065. Financial institution interest of department officers and employees.

290 words·~1 min read·/ak/title-6/chapter-5/06-05-065

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

(a)A bank examiner of the department who deals with the regulation of financial institutions, a special agent selected by the department to do work relating to financial institutions, the commissioner or deputy commissioner, or the director of banking may not be an officer, employee, director, trustee, attorney, shareholder, or partner of a financial institution, or receive, directly or indirectly, a payment or gratuity from a financial institution. A person subject to this section may not borrow money from a state financial institution, except as provided in this section.

(b)A person subject to this section may

(1)be a depositor in a financial institution;

(2)purchase shares of a savings and loan association on the same terms available to the public;

(3)be a member of an employee credit union;

(4)be indebted to a state financial institution upon an installment debt incurred by the employee in the purchase of goods for personal use only and transferred to the financial institution in the regular course of business, including debts for household goods, mobile homes, motor vehicles, or boats; or

(5)retain a preexisting extension of credit that was incurred before commencement of the employment that subjected the person to this section; any renegotiation of a preexisting extension of credit shall be treated as a new extension of credit that is subject to the prohibitions of this section.

(c)This section does not limit the authority of an officer or employee of the department acting in the person's official capacity in the business of the department.

(d)[Repealed, § 102 ch 26 SLA 1993.]

(e)[Repealed, § 102 ch 26 SLA 1993.]

(f)[Repealed, § 102 ch 26 SLA 1993.]