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Title 3 . Commerce, Community, and Economic Development
Chapter 23 . Miscellaneous
Section 580. Identification of money as fiduciary assets

3 AAC 23.580. Identification of money as fiduciary assets

(a) Money required to be held in a fiduciary capacity is considered to be clearly identified in a licensee's financial statement if the financial statement identifies that the money is held in a fiduciary capacity.

(b) Exempt from the clear identification requirement of this section are financial statements of a licensee that are

(1) prepared for internal use only;

(2) marked conspicuously with the words "For Internal Use Only"; and

(3) used only for purposes internal to the licensee's business.

(c) Money required to be held in a fiduciary capacity that is maintained in an account in a financial institution must be clearly identified as a fiduciary account.

(d) Repealed 3/30/2003.

(e) Repealed 3/30/2003.

(f) Failure to comply with (a) or (c) of this section is a violation of AS 21.27.350 and 21.27.360.

History: Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/30/2003, Register 165

Authority: AS 21.06.090

AS 21.27.350

AS 21.27.360

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Last modified 7/05/2006