(a) Financial institutions regulated under this title, except licensees subject to Alaska Stat. Chapter 06.40, are subject to at least one examination every 18 months. The department may conduct additional examinations and may examine licensees subject to Alaska Stat. Chapter 06.40 at its discretion.
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Terms Used In Alaska Statutes 06.01.015

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.01.050
  • financial institution: means an institution subject to the regulation of the department under this title. See Alaska Statutes 06.01.050
  • institution: includes a commercial bank, savings bank, credit union, premium finance company, small loan company, bank holding company, financial holding company, trust company, savings and loan association, deferred deposit advance licensee under Alaska Stat. See Alaska Statutes 06.01.050
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(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.
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