Alaska Administrative Code
Title 12 - Professional Regulations
Part 1 - Boards and Commissions Subject to Centralized Licensing
Chapter 21 - Construction Contractors
Article 1 - Registration
12 AAC 21.120 - Cash deposits instead of bond
Universal Citation: 12 AK Admin Code 21.120
Current through February 24, 2025
(a) A certificate of deposit or other negotiable instrument filed with the commissioner instead of or in addition to a surety bond must
(1)
show the commissioner as payee and must bear on its face the words "State of
Alaska in Trust for" or similar words that allow only the commissioner to
negotiate the instrument;
(2) be
accompanied by an Assignment of Negotiable Instrument signed by the contractor
and a bank representative acknowledging transfer to the department;
(3) be issued for a period of at least three
years before maturity, or if purchased for a shorter period, be automatically
renewable; and
(4) remain pledged
to the state in accordance with
12 AAC
21.090(e).
(b) Repealed 8/8/2021..
Authority:AS 08.01.080
AS 08.18.071
AS 44.33.020
Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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