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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 50. Deferred Deposit Advances
- Section 40. Bond.
previous: Section 30
next: Section 50
. Investigation By Department.
AS 06.50.040. Bond.
- (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
- (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
- (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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