Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) Contract. All purchases or sales of eligible obligations from a credit union's members or purchase from a liquidating credit union of notes made by individual members of the liquidating credit union must be within limitations of written policies established by the board of directors and must be documented by a contract which specifies the items being sold, purchased or pledged, the monetary consideration, and all other terms and conditions of the transaction.
(b) Limitation. Government guaranteed education loans and real estate loans purchased for pooling and resale are not included in determining the aggregate unpaid balance of notes purchased under AS 06.45.070 (13), and may exceed five percent of the unimpaired capital and surplus of the credit union.
History: Eff. 1/21/81, Register 77
Authority: AS 06.45.010
AS 06.45.060 (13)
Editor's note: As of Register 160 (January 2002), the regulations attorney made a technical revision under AS 44.62.125 (b)(6), and in accordance with ch. 85, sec. 45, SLA 2001, to change "student loans" to "education loans" in 3 AAC 35.135(b).
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006