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Can you summarize 3 AKAC 02.190?
Banking Practices > Letters of credit.
Short Summary
This document governs the issuance and regulation of letters of credit by banks. It applies specifically to banks and outlines various requirements and considerations related to letters of credit. Some key provisions include the classification of letters of credit in regulatory reports of examination, the liability of participating banks in the issuance of a letter of credit, the credit analysis required for issuing a letter of credit, the disclosure of outstanding letters of credit in financial statements, and the maintenance of records by banks. The document also specifies that letters of credit secured by cash or cash equivalents are exempt from certain provisions. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks
What does it govern?
Letters of credit
What are exemptions?
Letters of credit secured by cash or cash equivalents
What are the Penalties?
No penalties mentioned
Jurisdiction
Alaska