(a) A person who knowingly violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, for which a specific remedy is not provided, is guilty of a class A misdemeanor.

Attorney's Note

Under the Alaska Statutes, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class C felonyup to 5 yearsup to $50,000
Class A misdemeanorup to 1 yearup to $25,000
For details, see Alaska Stat. § 12.55.125 and Alaska Stat. § 12.55.135
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Terms Used In Alaska Statutes 06.01.035

  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • commissioner: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 06.01.050
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.01.050
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • 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
  • 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
(b) A person who, without first receiving a license or certificate of authority from the department, participates in an activity that requires a license or certificate of authority under this title, is guilty of a class A misdemeanor.
(c) A person is guilty of a class C felony if the person, with intent to deceive the department, the commissioner, or a person authorized to examine the affairs of a financial institution, knowingly

(1) makes or causes a false statement or report to be made;
(2) enters a false figure, statement, or entry in the books of a financial institution; or
(3) makes or circulates a false report or statement about the condition of a financial institution.
(d) A director, officer, or employee of a financial institution who receives a deposit, after having been notified by regulatory authorities that the institution is insolvent and without the department’s prior approval, is guilty of a class C felony.
(e) In addition to other penalties applicable under this section, if a person other than a financial institution knowingly or intentionally violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the person imposing a civil penalty of not more than $2,500 a day for a single violation, and not more than $25,000 for multiple violations that constitute a single proceeding or a series of related proceedings.
(f) In addition to other penalties applicable under this section, if a financial institution knowingly or intentionally violates a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the institution imposing a civil penalty of not more than $5,000 a day for a single violation, and not more than $50,000 for multiple violations that constitute a single proceeding or a series of related proceedings.
(g) For violations not covered by (e) or (f) of this section, and in addition to other penalties applicable under this section, if a person, including a financial institution, violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the person imposing a civil penalty of not more than $500 a day for a single violation, and not more than $5,000 for multiple violations that constitute a single proceeding or a series of related proceedings.
(h) A financial institution that fails to file a report or make payments required by the department within the time specified in this title is subject to a penalty of not more than $100 a day for each day the report or payment is late. A financial institution is considered to have transmitted a report or payment when the institution mails the report or payment, properly addressed to the department and with the appropriate postage.
(i) In addition to other penalties applicable under this section, the department shall dismiss an employee of the department who violates Alaska Stat. § 06.05.065(a). An employee dismissed under this subsection is forever disqualified from holding a position in the department relating to the regulation of financial institutions. An employee who is dismissed under this subsection may appeal the dismissal under Alaska Stat. Chapter 39.25 (State Personnel Act), unless the employee is in the exempt or partially exempt service under Alaska Stat. § 39.25.110 – 39.25.120.
(j) Notwithstanding the other provisions of this section, the failure to have a business license issued under Alaska Stat. § 43.70.020 as required by Alaska Stat. § 06.50.020(a) is not a violation for the purposes of (a) and (e) – (g) of this section.
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