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A licensee may use only operating funds to finance premiums. By the close of business on the day the loan is made, the licensee shall deposit the amount loaned to a borrower and the down payment paid by the borrower in the licensee's fiduciary account. The licensee may not deliver loan proceeds to the borrower.
History: Eff. 4/22/79, Register 70; am 3/11/98, Register 145
Authority: AS 21.06.090
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Last modified 7/05/2006