12 AAC 22.050. Negotiable security in place of surety bond

(a) When a negotiable security is filed with the commissioner in place of the bond as provided in AS 08.18.071 (b), the owner of the security shall execute an assignment of the security, on behalf of the applicant, to the state, which is attached to and becomes a part of the security.

(b) For a home inspector, a time certificate of deposit in the face amount of $5,000 issued by a bank or trust company authorized to do business in the state, and meeting the requirements of 12 AAC 22.040 is an acceptable negotiable security for the purposes of AS 08.18.071 (b).

(c) Negotiable securities other than those listed in this section, filed for the purposes of AS 08.18.071 (b), will be considered on a case-by-case basis.

(d) The assignment required under (a) of this section must be on a form provided by the department.

(e) When either cash or a negotiable security filed in accordance with this section and AS 08.18.071 (b) is accepted by the commissioner in the place of the surety bond required by AS 08.18.071 , it must remain filed with and pledged to the state for the purposes of AS 08.18.071 for a period of three years after the

(1) effective date of a surety bond in like amount written in compliance with AS 08.18.071 ;

(2) lapse without reinstatement of the registration; or

(3) suspension or revocation without reinstatement of the registration.

History: Eff. 3/25/2004, Register 169

Authority: AS 08.01.080

AS 08.18.071

AS 44.33.020

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