Alaska Administrative Code
Title 12 - Professional Regulations
Part 1 - Boards and Commissions Subject to Centralized Licensing
Chapter 22 - Home Inspectors
Article 1 - Registration
12 AAC 22.040 - Cash deposits instead of bond
Universal Citation: 12 AK Admin Code 22.040
Current through February 24, 2025
(a) A certificate of deposit or other negotiable instrument filed with the commissioner instead of a 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) show the name of
the home inspector;
(3) be
accompanied by an assignment of negotiable instrument signed by the home
inspector and a bank representative acknowledging transfer to the
department;
(4) be issued for a
period of at least three years before maturity, or if purchased for a shorter
period, be automatically renewable; and
(5) remain pledged to the state in accordance
with 12 AAC
22.050(e).
(b) At the time a certificate of deposit filed with the commissioner matures, the department must receive a letter from the bank or the home inspector requesting the commissioner to release the certificate to the bank for reissue. This letter must include the complete mailing address of the bank.
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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