Current through February 24, 2025
(a) To apply for a
deferred deposit license under
AS
06.50.010, an applicant must submit a
separate application to the department through the registry for each physical
location, Internet website, and software application through which the
applicant conducts business. In addition to the information required under
AS
06.50.030, the application must contain
(2)a complete Form MU2 for each control
person and office manager;
(3)the
applicant's current business license issued under AS 43.70;
(4)for an applicant that is a corporation, a
limited liability company, a partnership, or another entity,
(A) a brief description of the structure or
organization of the applicant, including any parent or subsidiary of the
applicant, and whether any parent or subsidiary is publicly traded;
(B) documentation of the business
organization and authorization required under (b) through (e) of this section;
and
(C) a copy of the current
filing, with the department division overseeing corporations, that designates
the registered agent in the state;
(5) a copy of the business name registration
form for the legal name of the applicant, submitted to and stamped "received"
by the department division overseeing corporations;
(6) if the applicant is applying for the use
of one or more other trade names on the Form MU1, a copy of the business name
registration form for each other trade name, submitted to and stamped
"received" by the department division overseeing corporations;
(7) satisfactory proof that the person holds
at least $25,000 in cash assets for each location engaging in deferred deposit
activity;
(8) proposed and current
instruments that are related to advance transactions for the purpose of
investigating compliance with AS 06.50, other state law, and federal law
requirements, including
(A) the advance
agreement;
(B) the disclosure
statements required under AS 06.50 and under Federal law;
(C) the maximum advance terms and
fees;
(D) the required fee notice
and descriptions of where the notice will be posted in each location; and
(E) other documents used in the
regular course of business;
(9) a fully executed bond as required under
AS
06.50.040, to be submitted electronically
through the registry;
(10) a
written summary of the applicant and each control person's personal history, on
a form prescribed by the registry, to demonstrate the qualifications required
under AS
06.50.020(a)(2) and
authorization for the registry and the department to obtain information related
to administrative, civil, or criminal findings by a governmental jurisdiction;
and
(11) other information the
department reasonably requires with respect to the applicant.
(b) If the applicant is a
corporation, in addition to the requirements in (a) of this section, the
applicant must submit through the registry a certified copy of
(1) complete and current articles of
incorporation and bylaws, and a certificate of good standing issued by the
domestic state; and
(2) if the
corporation is not organized in this state, the corporation's certificate of
authority to transact business in this state.
(c) If the applicant is a limited liability
company, in addition to the requirements in (a) of this section, the applicant
must submit through the registry a certified copy of
(1) complete and current articles of
organization and operating agreement, and a certificate of good standing issued
by the domestic state; and
(2)the
limited liability company's certificate of registration in this state, required
before transacting business in this state, if the limited liability company is
not organized in this state.
(d) If the applicant is a limited
partnership, in addition to the requirements in (a) of this section, the
applicant must submit through the registry a certified copy of
(1)the complete and current certificate of
limited partnership and the partnership agreement, and a certificate of good
standing issued by the domestic state; and
(2) the limited partnership's certificate of
registration in this state, required before transacting business in this state,
if the limited partnership is not organized in this state.
(e) If the applicant is a limited liability
partnership, in addition to the requirements in (a) of this section, the
applicant must submit through the registry a certified copy of
(1)the complete and current certificate of
qualification and the partnership agreement, and a certificate of good standing
issued by the domestic state; and
(2) the limited liability partnership's
statement of foreign qualification required before transacting business in this
state, if the limited liability partnership is not organized in this
state,
(f)If the answer
to any of the disclosure questions on the Form MU1 or Form MU2 is "yes," the
applicant must provide complete details in writing of each event or proceeding,
including, as applicable, the name and location of the court, the docket or
case number, the status and summary of the event or proceeding, and a copy of
an applicable charge, order, or consent agreement submitted through the
registry.
(g)To obtain and maintain
a license under AS 06.50 a person must comply with all requirements of the
registry, including the payment of fees assessed by the registry.
(h) An applicant must pay in full reasonable
investigation expenses incurred by the department when processing and reviewing
an initial or renewal license application to do business under AS 06.50 before
the department will approve a license.
(i) The first installment of the fee required
under 3 A AC 11.020 must be paid at the time of application through the
registry.
As of Register 198 (July 2011), the regulations attorney
made a technical revision under
AS
44.62.125(b)(6), to the
authority citation for 3 AAC 11.010.
Authority:
AS 06.01.010
AS 06.50.020
AS 06.50.030
AS 06.50.040
AS 06.50.050
AS 06.50.080
AS 06.50.330
AS 06.50.400
AS 06.50.410
AS 06.50.460
AS 06.50.500
AS 06.50.510
AS 06.50.600
AS 06.50.610
