Alaska Statutes 06.60.410 – Censure, suspension, or bar

(a) In addition to any other remedy provided under this chapter, the department may, by order after appropriate notice and opportunity for a hearing, censure a person, suspend the license of a person for a period not to exceed 12 months, or bar a person from a position of employment, management, or control of a licensee or registered depository institution if the department finds that

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Terms Used In Alaska Statutes 06.60.410

control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Alaska Statutes 06.60.990
department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
depository institution: has the meaning given in 12 U. See Alaska Statutes 06.60.990
knowingly: has the meaning given in Alaska Stat. See Alaska Statutes 06.60.990
license: means a license issued under this chapter. See Alaska Statutes 06.60.990
licensee: means a person who holds a license issued under this chapter. See Alaska Statutes 06.60.990
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
registered depository institution: means a depository institution that is registered under Alaska Stat. See Alaska Statutes 06.60.990

(1) the censure, suspension, or bar is in the public interest;

(2) the person has knowingly committed or caused a violation of this chapter or a regulation adopted under this chapter; and

(3) the violation has caused material damage to the licensee, to the registered depository institution, or to the public.

(b) When a person who is the subject of a proposed order under this section receives a notice of the department’s intention to issue an order under this section, the person is immediately prohibited from engaging in any activities for which a license is required under this chapter or for which registration is required under AS 06.60.014.

(c) A person who is suspended or barred under this section is prohibited from participating in a business activity of a licensee or registered depository institution and from engaging in a business activity on the premises where a licensee or registered depository institution is conducting the business of a licensee or registered depository institution. This subsection may not be construed to prohibit a suspended or barred person from having the person’s personal transactions processed by a licensee or registered depository institution.

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