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(a) An applicant for an operator's license shall submit to the department
(1) a completed original application on a form provided by the department; and
(2) proof of liability insurance satisfactory to the department in the amounts specified in 15 AAC 160.210 for each location in which the applicant seeks to conduct an activity permitted under AS 05.15.
(b) The department will, in its discretion, accept lienable property located in the state as a security posted under AS 05.15.122 (b)(5) if the
(1) applicant is unable to post another form of bond or security satisfactory to the department;
(2) repealed 11/10/96;
(3) applicant's equity in the property is at least two times the amount specified in AS 05.15.122 (b)(5) and at all times remains at least two times that amount.
(c) As used in AS 05.15 and this chapter, a bond or security is "satisfactory to the department" if the bond or security
(1) meets the requirements of AS 05.15.167 (a)
(2) will be in effect for two years after the date the operator's license expires; and
(3) if a certificate of deposit, is in the name of the state in trust for the applicant and is accompanied by a completed assignment of negotiable instrument form provided by the department.
(d) An applicant for an operator's license shall retain a copy of the application for three years after the date that the application is submitted to the department.
(e) An applicant for an operator's license that is not a municipality shall accomplish the notice required under AS 05.15.030 (a) by submitting two copies of the application described under AS 05.15.122 (b) to each city or borough nearest to the location in which the applicant seeks to conduct an activity permitted under AS 05.15.
History: Eff. 7/30/94, Register 131; am 11/10/96, Register 140
Authority: AS 05.15.030
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Last modified 7/05/2006