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Title 3 . Commerce, Community, and Economic Development
Chapter 23 . Miscellaneous
Section 630. Personal use of fiduciary money

3 AAC 23.630. Personal use of fiduciary money

(a) The following are prohibited diversions or appropriations for personal use of money held in a fiduciary capacity:

(1) use of fiduciary money, to which a licensee is not lawfully entitled, to pay

(A) the personal or business expenses of a licensee;

(B) the personal or business expenses of a firm of licensees or members of the firm;

(C) a premium of an insured for whom the licensee has not complied with 3 AAC 23.210 - 3 AAC 23.380 concerning premium financing;

(D) the return premium due of another insured;

(2) use of money held in a fiduciary capacity for any purpose other than the one for which the money is being held.

(b) A licensee's money held or to be received in a fiduciary capacity may not be

(1) pledged as collateral to secure an amount owing;

(2) used to guarantee a contract of surety; or

(3) assigned.

(c) Each of the prohibited activities listed in (a) and (b) of this section is a violation of AS 21.27.360 .

History: Eff. 8/29/90, Register 115; am 3/11/98, Register 145; am 3/30/2003, Register 165

Authority: AS 21.06.090

AS 21.27.350

AS 21.27.360

AS 21.36.100

AS 21.36.122

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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