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Can you summarize 3 AKAC 02.150?
Banking Practices > Permit to operate a bank holding company.
Short Summary
This legal document pertains to the operation of a bank holding company in the state of Alaska. It requires domestic and out-of-state bank holding companies to apply for a permit from the department in order to operate as a bank holding company in the state. The department will issue a permit if it determines that the issuance will not disadvantage the public and is consistent with maintaining a competitive, safe, and sound banking system. Bank holding companies are required to submit a report to the department reflecting their financial condition and a profit-and-loss statement at the end of each accounting year. The report must disclose the holding company’s relationship with and investment in all subsidiaries, as well as the nature and financial condition of their respective operations. Domestic bank holding companies must also provide an opinion of an independent certified public accountant. Additionally, the department may require bank holding companies to submit other reports, accounts, or records as deemed necessary or desirable to ensure financially sound banking organization and practice.
Whom does it apply to?
Domestic and out-of-state bank holding companies
What does it govern?
Operation of a bank holding company in the state of Alaska
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska