Banking
Section
What is
the legal rate of interest in Alaska?
- The default rate
is 10.5 percent after a loan is due.
- For loans up
to $25,000 the rate is 5 percentage points above the 12th Federal
Reserve rate charged to member banks. This rate is commonly referred
to as the discount rate.
- For loans in
excess of $25,000 the rate is set by contract.
- Licensees under
the Alaska Small Loan Act (AS 06.20) and the Alaska Premium Finance
Act (AS 06.40) are permitted by statute to charge interest rates in
excess of the legal rate of interest.
For more information
see:
45.45.10.
Alaska Retail Installment Sales Act
45.45.010.
Legal Rate of Interest
12th
Federal Reserve Discount Rate
Does the division supervise/regulate all Alaska banks?
No, the state of
Alaska only regulates state banks. The Office of the Comptroller of
the Currency (OCC) regulates national banks and the Office of Thrift
Supervision (OTS) regulates federal thrift banks.
|
State Banks
Denali State
Bank
First
Bank
Mt.
McKinley Mutual Saving Bank
Northrim
Bank
|
National
Banks
Alaska First
Bank and Trust, N.A.
First
National Bank Alaska
Key
Bank of Alaska, N.A.
Wells
Fargo Bank Alaska, N.A.
|
Federal
Thrift
Alaska Pacific
Bank
|
Does the division assist with complaints concerning financial institutions?
We do follow up on all written complaints
involving state banks and any other entity we supervise.
What about complaints on national banks or federal credit unions?
Are mortgage banking and loan brokering regulated by this division?
Click here for more information.
Are money transmitter activities, currency exchange transactions,
check cashing services or money order sales regulated or licensed by
this division?
Click here for more information.
Is the charging of loan fees or "points" regulated by this division?
No, with the exception of licensees
of the Alaska Small Loan Act, AS 06.20, and licensees of the Alaska
Premium Finance Act, AS 06.40.
Back
to the top
Securities
Have there been any recent changes to the Alaska Securities Act, AS
45.55 or the securities regulations at 3 AAC 08?
Yes, AS 45.55 was substantially revised
by House Bill 83 effective October 1, 1999. Changes were made
to comply with NSMIA, adding Investment Adviser Representatives
(IAR); Federal
Covered Advisers (FCA); State Investment Advisers (SIA); Federal
Covered Securities (FCS); and adopting notice filing requirements
for certain
FCS (mutual funds and Rule 506 offerings). HB 83 also updated
and added certain transactional exemptions from securities
registration.
Regulations at 3 AAC 08 are being revised accordingly; some of
which are effective as of October 1, 1999. The FAQ’s below
address a number of these changes.
Is
the Alaska Securities Act (Act), including the amendments from
HB 83 effective October 1, 1999, available on the Division’s
website?
Yes, an unofficial copy of the revised
Act, as of October 1, 1999, can be found at http://www.commerce.state.ak.us/bsc/pub/securitiesact.pdf.
You are cautioned not to rely solely on this version of the Act which
is provided only as an accommodation and should not be construed as
the giving of legal advice.
Have there
been recent changes to fees?
Yes. The Fee Schedule as of October 1,
1999 is:
INITIAL
or ANNUAL RENEWAL
| Broker-dealer |
$250 |
| State investment
adviser |
$250 |
| Federal covered
adviser |
$250 |
| Agent of broker-dealer |
$75 |
| Investment adviser
representative |
$75 |
REGISTRATION or NOTICE
OF SUCCESSOR
| Registered broker-dealer |
$125 |
| Registered state
investment adviser |
$125 |
| Noticed federal
covered adviser |
$125 |
TRANSFER
| Broker-dealer
transfer of agent’s unexpired
registration |
$75 |
| State
or federal covered adviser transfer
of unexpired IAR’s registration |
$75 |
SECURITIES OFFERING
Mutual fund notice
filings: $600 for one year or $1,100 for two years, if
an automatic one-year extension request is filed with the initial
notice filing.
Reg. D "506" notice
filing: $600 for one year or $1,100 for two years,
if an automatic one-year extension request is filed with the initial
notice filing.
Registration of securities: $100
filing fee plus registration fees of $500 for one
year or $1,000 for two years, if an automatic one year extension
request is filed with the initial registration application
| Exemption notice
under AS 45.55.900 |
$50 |
| For
expedited review of exemption notice |
$125 |
| "No Action
Letter" request |
$100 |
| Changes, additions,
or deletions |
$20
each |
Exemption
notice filings under AS 45.55.900
Are forms available for filing notice of exemptions?
Yes. Forms are posted on our website
that may be downloaded and used to file notices required by various
transactional exemptions found in section AS 45.55.9000(b). Click
here to go to the forms page.
Back to the top
Regulation "D"
Are offerings made in Alaska under Federal Regulation D, Rules 504 and
505, subject to registration?
Yes. 3 AAC 08.500-505 (http://www.commerce.state.ak.us/bsc/regd.htm)
provides for registration using a special Alaska Regulation D
application,
Alaska Form 08-101.
Will Alaska accept an application to register an offering made under
Federal Reg D, Rule 504, up to $1,000,000?
Yes.
Will
Alaska recognize and allow the use of the current Federal definition
for an "accredited investor" in a registered Reg
D offering?
Yes.
Where can I find the special Alaska Reg D application, Alaska Form 08-101
(Application to Register Securities under Regulation 3 AAC 08.500, Article
4)?
The Alaska Reg D application, Alaska
form 08-101, is found here on our website http://www.commerce.state.ak.us/bsc/sforms.htm,
and also in the IHS Financial Products Securities Regulatory Library
at Blue Sky Laws, Alaska Interactive Forms, and in CCH Blue Sky Law
Reporter at paragraph 8450A. You may also call 907/465-2521 and request
any Alaska securities form, for a fee.
Are offerings made in Alaska under Federal Reg D, Rule 506, required
to be registered using the Alaska Reg D application form? If not, is
any notice filing required?
No, however AS 45.55.075 requires
that the issuer file a notice with the Administrator, unless otherwise
exempt under AS 45.55.900. A Notice filing procedure has been adopted
for Federal Regulation D, Rule 506 offerings made here, (see Division
interim policy at www.commerce.state.ak.us/bsc/intregd.html.
AS OF OCTOBER 1, 1999, the notice filing fee will be $600 for one
year or $1,100 for two years, if an automatic one-year extension
request is filed with the initial notice filing (3 AAC 08.920(a)(3)).
Back to the top
Broker
Dealers
Does Alaska require a surety bond for NASD Broker Dealers who register
in the state?
No.
What are the initial requirements for a NASD Broker Dealer to register
in Alaska (3 AAC 08.011(c))?
The Broker Dealer must submit DIRECTLY
to the NASDR-CRD an application in compliance with applicable
NASD rules regarding filing requirements, dates and payment
of fees required
by 3 AAC 08.015, currently $250 for the firm. The applicant must
check "AK" in item two at page two of SEC Form BD.
What are the requirements to renew a Broker Dealer registration in Alaska
(3 AAC 08.014(a)(3))?
The Broker Dealer must submit DIRECTLY
to the NASDR-CRD its registration renewal and that of its agents.
The Broker Dealer must comply with applicable NASD rules and submit
fees to the NASDR-CRD as set out in 3 AAC 08.015, currently $250 for
the firm and $75 for each agent.
Back to the top
Investment
Adviser: Federal Covered Adviser (FCA)
What are the initial notice filing requirements in Alaska (3 AAC 08.011(m))
for a Federal Covered Adviser (FCA)?
The notice filing requirements are found
at AS 45.55.040(h) and 3 AAC 08.011(m). Your notice filing should
include:
- A letter notice of intent to provide
investment advisory services as a FCA, including the current address
and phone number of the home office;
- One copy of a complete, current, and
signed SEC Form ADV (as filed with the SEC), including the most
current SEC Schedule I;
- A list of Investment Adviser Representatives
(IAR), including CRD numbers if applicable, having a place of business
in Alaska (if none, please so state);
- A complete, current, and signed U-4
for each IAR having a place of business in Alaska;
- Evidence that each IAR has satisfied
the qualification requirements of 3 AAC 08.013;
- Fees of $250 for the FCA notice filing
and $75 for each IAR being registered in Alaska (checks payable
to State of Alaska);
- All notice filings and IAR registrations
expire on December 31 of the year in which issued.
How does my firm renew its FCA notice filing in Alaska (3 AAC 08.014(d))?
Your firm may renew its notice filing
by providing no later than December 1 of each year the following:
- A letter notice of intent to continue
providing investment advisory services as an FCA, including the
current address and phone number of the home office;
- A current signed Page 1 of Form ADV
as filed with the SEC;
- A copy of the most recent Schedule
I of Form ADV, as filed with the SEC.
- A list of names and CRD numbers (if
applicable) of all currently registered IAR's to be renewed (if
none, please so state);
- A current U-4 for each IAR to be renewed
which shows any changes from the U-4 previously submitted;
- A list of names and CRD numbers (if
applicable) of any new IAR applicant’s having a place
of business in Alaska;
- A complete, current, and signed U-4
for each new IAR having a place of business in Alaska;
- Evidence that each new IAR has satisfied
the qualification requirements of 3 AAC 08.013;
- Fees of $250 for the FCA notice filing
and $75 for each new or renewed IAR having a place of business in
Alaska (checks payable to State of Alaska);
Does Alaska require a surety bond for a FCA as part of the notice filing?
No. This requirement has been pre-empted
by Federal law.
Back to the top
Investment
Adviser: State Investment Adviser (SIA)
Does Alaska require a surety bond for a State Investment Adviser (SIA)
who is registered, or required to be registered, under the Alaska Securities
Act?
Yes, if the SIA has custody and/or discretionary
authority over customer funds or investment activity (see 3 AAC 08.025).
If the SIA has custody of client funds or securities, a $35,000 bond
is required. If the SIA has discretionary authority over, but does
not have custody of, client funds or securities, a $10,000 surety
bond is required.
Does Alaska have a surety bond form?
Yes, Alaska Form 08-100. Click
here to get a pdf version of 08-100.
Are there any exceptions to the SIA surety bond requirement?
Yes, if an Alaska registered SIA has
its principal place of business (home state) outside Alaska and
is registered as an Investment Adviser in the home state and
is in compliance
with the home state’s bonding requirements, then the Alaska
registered SIA is exempt from the Alaska bonding requirements.
(3 AAC 08.025(c)).
How do I register as a State Investment Adviser (SIA) in Alaska (3 AAC
08.011(j))?
The SIA applicant must submit DIRECTLY
to the Securities the following:
- A current, complete and signed SEC
Form ADV;
- A statement that all amendments to
Form ADV will be properly filed with the division on a timely basis;
- An appropriate surety bond (Alaska
Form 08-100), if required by 3 AAC 08.025;
- Balance Sheet for the SIA or a statement
that the SIA has a positive net worth;
- A list of all IAR applicant’s
and CRD numbers (if applicable) having a place of business
in Alaska;
- A complete, current and signed U-4
for each Investment Adviser Representative (IAR) having a place
of business in Alaska;
- Evidence that the IAR has satisfied
the qualification requirements of 3 AAC 08.013. Prior to 12/31/99,
proof of passage of NASD Series 63 and 65 or Series 66 for
each IAR. After 12/31/99, proof of passing the "modified" versions
of the NASDR Series 65 or NASDR Series 7 and Series
66
- A statement that all amendments to
Form U-4 for each IAR will be properly filed with the Division on
a timely basis;
- Fees of $250 for the SIA (made payable
to the State of Alaska); and
- Fees of $75 for each IAR (made payable
to the State of Alaska).
How do I renew my SIA registration in Alaska (3 AAC 08.014(b))?
The SIA registrant must DIRECTLY submit
to the Securities, prior to December 1 of each year, the following:
- A complete, current and signed SEC
Form ADV;
- A statement that all amendments to
Form ADV will be properly filed with the division on a timely basis;
- An appropriate surety bond (Form 08-100)
if required by 3 AAC 08.025;
- Balance Sheet for the SIA or a statement
that the SIA has a positive net worth;
- A list of names and CRD numbers (if
applicable) of all currently registered IAR's to be renewed (if
none, please so state);
- A current U-4 for each IAR to be renewed
which shows any changes from the U-4 previously submitted;
- A list of names and CRD numbers (if
applicable) of any new IAR applicant’s having a place
of business in Alaska;
- A complete, current, and signed U-4
for each new IAR having a place of business in Alaska;
- Evidence that each new IAR applicant
has satisfied the qualification requirements of 3 AAC 08.013. Prior
to 12/31/99, proof of passage of NASD Series 63 and 65 or
Series 66 for each IAR. After 12/31/99, proof of passing
the "modified" versions of the NASDR Series 65 or
NASDR Series 7 and Series 66
- $250 for the SIA renewal (made payable
to the State of Alaska);
- $75 for each IAR to be registered
initially or renewed, (made payable to the State of Alaska).
Who do I contact if I have any additional questions regarding the
Alaska Securities Act?
Please call the Division at (907) 465-2521
and ask to speak with the Securities.
