3 AAC 02.185 [Effective 12/27/2023] Banking Related Activities

• Library: Alaska Administrative Code
• Edition: 2023
• Currency: Current through November 28, 2023
• Citation: 3 AAC 02.185
• Year: 2023

(a) A bank may engage in the activities described in (b) and (c) of this section even though those activities may not be included under the definitions of either "banking" in AS 06undefined06.05.990(3) or "branch bank" in AS 06undefined06.05.990(4).

(b) A bank may establish offices that engage in the following activities without a certificate of authority issued under AS 06undefined06.05.350 or 06undefined06.05.399:

(1) local representation and assistance to the public concerning banking services performed at the bank;

(2) loan production activities as described in (c) of this section; and

(3) other services or activities related to the bank's business such as tax preparation, insurance, accounting, data processing, and public relations.

(c) A loan production office may engage in the following loan production activities, which do not constitute lending money within the meaning of AS 06undefined06.05.990(3) or (4)

(1) soliciting loans on behalf of a bank or a branch bank;

(2) assembling credit information;

(3) making property inspections and appraisals;

(4) securing title information;

(5) preparing applications for loans, including making any recommendations to the bank for action;

(6) soliciting investors to purchase loans from the bank and seeking to have these investors contract with the bank for servicing of those loans; and

(7) other similar services or activities which may be allowed by the department.

(d) If loans are approved and funds disbursed solely at the main office or a branch of a bank, a loan production office that engages in only the activities listed in (c) of this section is not a "place ... at which ... money is lent" within the meaning of AS 06undefined06.05.990(4).

(e) An office that operates as a representative office or a loan production office under this section shall conduct its activities in such a manner that neither the public nor customers will be deceived as to the limited services available from the office.

(f) Notwithstanding (b) - (e) of this section, if an office of a bank or of any of its branches engages in receiving deposits, payment of checks, lending of money, or any other activity included under the definition of "banking'' in AS 06undefine...