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Title 3 . Commerce, Community, and Economic Development
Chapter 3 . Land Sales
Section 260. Application for branch or change of location

3 AAC 03.260. Application for branch or change of location

(a) The credit union must apply to the department for a certificate of authority to operate a branch office or to change the location of the principal office or a branch office.

(b) The department may require the following before it approves an application to operate a branch or change the location of an office:

(1) a check or money order for $500 made payable to the State of Alaska as a partial prepayment of investigation expenses incurred by the department in accordance with AS 06.01.010 ;

(2) a statement of whether the proposed office will be owned or leased property, and, if leased, a fully executed copy of all lease documents which must contain a bankruptcy clause;

(3) a statement of whether the credit union plans to finance any improvements to the property, and, if it intends to lease, whether the proposed lessor is or will be a borrowing member of the credit union;

(4) a statement of the amount of fire and liability insurance coverage that will be carried for the proposed office location and equipment, who will pay the premium, and, if paid by the credit union, the amount of payment, and the annual premium for the coverage;

(5) the total investment in credit union premises and equipment that will be reflected on the books of the credit union for the proposed office;

(6) the itemized book value of the credit union's present investment in land, buildings, leasehold improvements, furniture, fixtures and equipment, investment in stock of a building corporation, and investment in other assets and any depreciation reflected on the books;

(7) a balance sheet and statement of income and expenses for the credit union as of the last day of the month immediately before the month in which the application is made;

(8) the amount and type of the credit union's fidelity bond in force and any excess coverage;

(9) a list of services that will be offered by the proposed office;

(10) the name and resume of the proposed branch manager or, if none, a resume of the individual who will be directly responsible for the management of the proposed office;

(11) a brief economic analysis which supports the need for and feasibility of the proposed office; and

(12) other materials as requested by the department.

(c) No credit union may conduct business through a branch without a certificate of authority issued by the department which must be prominently and publicly displayed in that branch.

History: Eff. 1/21/81, Register 77

Authority: AS 06.45.010

AS 06.45.300

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Last modified 7/05/2006