Section 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.Eff. 3/25/2004, Register 169Authority:AS 08.01.080
AS 08.18.071
AS 44.33.020