(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.
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Terms Used In Alaska Statutes 06.05.065

  • bank: means a person doing a banking business, including persons subject to the law of this or another jurisdiction. See Alaska Statutes 06.05.990
  • banking: means performing activities that
    (A) include, at a minimum, soliciting, receiving, or accepting money or its equivalent on deposit, whether the deposit is made subject to a check or is evidenced by a certificate of deposit, passbook, note, receipt, or other writing. See Alaska Statutes 06.05.990
  • commissioner: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 06.05.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
  • extension of credit: means a negotiable instrument, and includes promissory notes, acknowledgments of advance, due bills, invoices, overdrafts, acceptances, and similar written or oral obligations or evidence of debt whether secured or unsecured. See Alaska Statutes 06.05.990
  • financial institution: includes institutions from outside the state that are not subject to the regulation of the department under this title. See Alaska Statutes 06.05.990
  • institution: includes a commercial bank, savings bank, credit union, premium finance company, small loan company, bank holding company, financial holding company, trust company, and savings and loan association. See Alaska Statutes 06.05.990
  • loan: includes an extension of credit resulting from direct or indirect negotiations between a lender and a debtor. See Alaska Statutes 06.05.990
  • 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
  • state financial institution: means a financial institution that is organized under this title or that is subject to examination by the department under this title. See Alaska Statutes 06.05.990
  • Trustee: A person or institution holding and administering property in trust.
(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, Sec. 102 ch 26 SLA 1993].
(e)[Repealed, Sec. 102 ch 26 SLA 1993].
(f)[Repealed, Sec. 102 ch 26 SLA 1993].
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