Section 3 AAC 14.165 - Registration termination and late renewal(a) If a registered depository institution does not submit an application for renewal and pay the annual registration fee required by 3 AAC 14.160(a)(2) to the department through the registry on or before December 31 of the annual registration period, the department will assign a registration status of "terminated/failed to renew" to the record of the licensee in the registry, and the registered depository institution may not conduct activities for which a registration is required under AS 06.06.014 after December 31 of the annual registration period. To be eligible for a late renewal of a registration, a registered depository institution shall pay a late renewal fee of $500 and submit all information and payment required for renewal, including the reasonable costs under AS 06.60.250 of any investigation, before March 1 of the year following the annual registration period. A registered depository institution may resume activities for which a registration is required under AS 06.60.014 when the department has approved the late renewal of the registration in the registry. If a registered depository institution does not pay the late renewal fee and submit all information and other payment required for renewal or otherwise fails to meet the requirements of renewal before March 1 of the year following the annual licensing period, the department will deny the late renewal and change the registration status to "terminated/expired."(b) If a registered depository institution submits an application for renewal and annual registration fee under 3 AAC 14.160(a)(2) to the department through the registry on or before December 31 of the annual licensing period, the registered depository institution may continue to operate under the registration until the renewal is denied. A renewal is effective on January 1 of the renewed annual registration period, even if granted after December 31 of the previous annual registration period. If a registered depository institution fails to submit all information and payment required for renewal before March 1 of the year following the annual registration period or otherwise fails to meet the requirements for renewal, the department will deny the renewal and change the license status to "terminated/expired."(c) After a registration status is changed to "terminated/expired," a registration will not be renewed and the former registered depository institution shall submit a new application for registration and pay the fees and costs for initial registration, if the former registered depository institution seeks to conduct activities for which a registration is required under AS 06.60.014.Eff. 1/1/2017, Register 220, January 2017Authority:AS 06.60.014
AS 06.60.910