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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 3.23. Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters. |
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Article 3.23.1. Licensing Requirements. |
Section 3.23.280. Operating funds to finance premiums.
Latest version.
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A licensee may use only operating funds to finance premiums. By the close of business on the day the loan is made, the licensee shall deposit the amount loaned to a borrower and the down payment paid by the borrower in the licensee's fiduciary account. The licensee may not deliver loan proceeds to the borrower.
Authorities
21.06.090;21.36.490;01.05.031;21.36.122;44.62.125
Notes
Authority
AS 21.06.090 AS 21.36.490 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.122 as AS 21.36.490. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.280, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.History
Eff. 4/22/79, Register 70; am 3/11/98, Register 145
References
3.23.280