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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.20. Land Sales. |
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Article 3.20.3. Advertising and Promotional Plans. |
Section 3.20.290. Financial security of the developer.
Latest version.
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(a) The department will in its discretion require surety bonds, escrow accounts, irrevocable bank letters of credit, or any other financial security which it considers adequate in assuring that a plan of development has adequate safeguards and assurances. In determining the security required, the department will examine the status of improvements, the overall cost of improvements, the terms of the purchaser's contracts, the financial condition of the subdivider, and other data which it considers necessary. The department will consider whatever financial security has been posted with other governmental authorities in making its determination. (b) A surety bond will not be approved by the department unless it is on a form approved by the department.
Authorities
34.55.014;34.55.020