Alaska Statutes 06.26.230 – Revocation of exemption

(a) The department may revoke an exemption under Alaska Stat. § 06.26.200 if the exempt private trust company

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Terms Used In Alaska Statutes 06.26.230

action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
chapter: includes regulations adopted under this chapter. See Alaska Statutes 06.26.990
department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
exempt private trust company: means a private trust company that has received an exemption under Alaska Stat. See Alaska Statutes 06.26.990
private trust company: means a person who acts as a fiduciary, is not exempt under Alaska Stat. See Alaska Statutes 06.26.990
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
trust company: means a person who is organized under this chapter to act as a fiduciary and to provide fiduciary services to the general public. See Alaska Statutes 06.26.990
writing: includes printing. See Alaska Statutes 01.10.060

(1) makes a false statement under oath on any document required to be filed by this chapter;

(2) fails to submit to an examination as required by Alaska Stat. § 06.26.200;

(3) withholds requested information from the department; or

(4) violates a provision of this chapter applicable to exempt private trust companies.

(b) If the department determines from examination or other credible evidence that an exempt private trust company has violated a requirement of this chapter, the department may by personal delivery or registered or certified mail, return receipt requested, notify the exempt private trust company in writing that the department will revoke the private trust company’s exemption as of a stated date, which may not be before the fifth calendar day after the date that the notification is delivered or mailed. The notification must state the grounds for the revocation with reasonable certainty. After a revocation takes effect, the revocation is final, and the private trust company is subject to all of the requirements and provisions of this chapter that are applicable to private trust companies not exempt under Alaska Stat. § 06.26.200.

(c) A private trust company shall comply with the provisions of this chapter from which it was formerly exempt within five calendar days after the effective date of a revocation of its exemption under this section. However, if the department determines at the time of revocation that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud, the department may, in the department’s sole discretion, shorten or eliminate the five-calendar-day compliance period.

(d) If, within the time allowed under (c) of this section, the private trust company does not comply with all of the provisions of this chapter, including the capitalization requirements that have been determined by the department as necessary to assure the safety and soundness of the private trust company, the department may

(1) file a court action or pursue another remedy provided by this chapter; or

(2) refer the private trust company to the attorney general for institution of appropriate legal proceedings against the private trust company.

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