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Offices Closed to Public

The Department of Commerce, Community, and Economic Development offices are closed to the public at this time. We are still open for business and encourage you to contact us via phone or email.

Emergency Guidance for Reporting

Effective March 15, 2020, all due dates for required reporting to the Division of Banking and Securities are extended 60 days to reduce regulatory burden during the COVID-19 outbreak.

Division of Banking and Securities

Director Walsh

Patrice Walsh
Division Director

Program Overview

The Division of Banking and Securities regulates state depository and non-depository financial institutions, administers and enforces Alaska’s financial services laws, and provides information to consumers, investors, entrepreneurs and the financial services industry. The division includes three sections that administer twelve statutory programs. In addition to licensing, examination and enforcement duties, division staff answer inquiries, investigate and resolve complaints, and contribute to education and outreach activities.

COVID-19 Special Notices:

Please check this website for updates or additional guidance that may be issued related to the pandemic.

COVID-19 Enforcement Task Force

The Alaska Division of Banking and Securities has joined the North American Securities Administrators Association (NASAA) COVID-19 Enforcement Task Force. The goal is to identify and stop potential threats to investors stemming from the COVID-19 pandemic. The Task Force is using online investigative techniques to identify websites and social media posts that may be offering or promoting fraudulent offerings, investment frauds, and unregistered regulated activities. Investors who see or suspect they may be a victim of a COVID-19 related investment scam can submit a complaint form found here and submit it to securities@alaska.gov. Please contact the Division at (907) 269-8140 or at securities@alaska.gov if you have any questions.

Premium Finance Companies

The Alaska Division of Banking and Securities (Division) has received several inquiries regarding premium finance companies (PFC) and their contracts that include power of attorney to cancel all policies upon default. The Division does regulate the industry, but does not have authority over the contract/legal agreement between two entities. We do encourage PFCs to review guidance given and recent bills passed by the federal and state governments related to the COVID-19 crisis to consider flexibility that may be given in regards to late payments during this unprecedented period. https://gov.alaska.gov/home/covid-19-economy/ https://www.congress.gov/bill/116th-congress/house-bill/6201/text B20-08 from AK DOI at https://www.commerce.alaska.gov/web/Portals/11/Pub/INS_B20-08.pdf SB241 State of Alaska COVID-19 pandemic law at http://www.akleg.gov/basis/Bill/Detail/31?Root=SB241#tab1_4

Mortgage Loan Originators

Mortgage Broker-Lenders may require Mortgage Loan Originators (MLOs) to work from home to help prevent the spread of the COVID-19. The Division recognizes that these remote work arrangements are necessary during a state of emergency and will not take administrative or other punitive action against a licensed MLO or the sponsoring licensed company if the MLO conducts activities requiring licensure from home.

Disclaimer:

This site is provided as a public service for general informational purposes only; it does not attempt to address specific business transactions or legal disputes. This service is not intended to be legal advice, and should not be construed as a replacement for competent legal counsel.

NEW! Mortgage Lending regulation changes effective February 6, 2020.

Adopted regulation changes by the Department of Commerce, Community, and Economic Development pertaining to mortgage lending licenses and bona fide exempt organizations under 3 AAC 14.020-.990.

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