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Alaska Statutes Title 6. Banks and Financial Institutions § 06.50.040. Bond

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) An applicant for a license shall file with the application a bond

(1) in a form to be approved by the department;

(2) in which the applicant is the obligor; and

(3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location.

(b) Only one bond is required for an application for a business with more than one location.

(c) The bond required by (a) of this section is for the use of the state and a person who may have a cause of action against the obligor under this chapter.

(d) The bond must state that the obligor will

(1) faithfully conform to and abide by the provisions of this chapter and regulations adopted by the department under this chapter; and

(2) pay to the state and to a person all money that may become due or owing to the state or to the person from the applicant under this chapter.

(e) The bond must remain in effect for three years following the denial of a renewal of a license or the expiration of a license.

(f) If, at any time, the department finds that a bond filed under (a) of this section is unsatisfactory for any reason, the department may require the licensee to file, within 10 days after the receipt of a written demand, an additional bond to comply with this section.

(g) The licensee shall file a new bond that complies with this section each time a license is renewed.

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Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.50.040. Bond - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-50-040/

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