Can you summarize 3 AKAC 02.110?

Short Summary

(a) In order to protect liquidity, a state bank shall comply with the reserve requirements imposed upon depository institutions by 12 C.F.R. 204, revised as of November 16, 2009, and adopted by reference. (b) If a bank fails to maintain the reserve required in (a) of this section, the department may determine that the bank is in danger of becoming illiquid, and that the bank is engaged in an unsafe or unsound practice as defined in AS 06.01.030 (h) or is in unsafe or unsound condition as defined in AS 06.05.990 . The bank shall submit to the department, no later than 15 days after the department notifies the bank of its determination, a business plan to correct the condition and bring the bank into compliance with the requirements of this section. Statutory Authority Authority: AS 06.05.005 AS 06.05.200 (Eff. 1/17/69, Register 28; am 12/13/70, Register 36; am 7/30/82, Register 83; am 1/10/94, Register 129; am 4/22/2010, Register 194)

Jurisdiction

Alaska

Source

• Banking