AK SB264

Amends AS 06.01.010(b) to include the Alaska Commercial Fishing and Agriculture Bank in the definition of "financial institution" for purposes of fee assessments for examinations and investigations by the Department of Commerce, Community, and Economic Development.

Removes the requirement that at least one elected board member of the Alaska Commercial Fishing and Agriculture Bank must be a resident farmer (amends AS 44.81.020(a)).

Creates new AS 44.81.275 establishing mandatory examinations of the bank at intervals not to exceed 36 months, with examiners evaluating loan portfolio quality and the appropriateness of the bank's policies and practices.

Requires examiners to prepare summary reports distributed to the bank and legislative auditor, with examination records otherwise kept confidential under AS 06.01.025.

Repeals AS 44.81.350(7); Sections 2 and 5 take effect immediately while remaining sections take effect July 1, 2011.