12 AAC 22.040 - Cash deposits instead of bond
(a) A certificate
of deposit or other negotiable instrument filed with the commissioner instead
of a bond must
(1) show the commissioner as
payee and must bear on its face the words "State of Alaska in Trust for" or
similar words that allow only the commissioner to negotiate the
instrument;
(2) show the name of
the home inspector;
(3) be
accompanied by an assignment of negotiable instrument signed by the home
inspector and a bank representative acknowledging transfer to the
department;
(4) be issued for a
period of at least three years before maturity, or if purchased for a shorter
period, be automatically renewable; and
(5) remain pledged to the state in accordance
with 12 AAC
22.050(e).
(b) At the time a certificate of deposit
filed with the commissioner matures, the department must receive a letter from
the bank or the home inspector requesting the commissioner to release the
certificate to the bank for reissue. This letter must include the complete
mailing address of the bank.
Notes
Authority:AS 08.01.080
AS 08.18.071
AS 44.33.020
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