00                            HOUSE BILL NO. 491                                                                          
01 "An Act relating to the Alaska Securities Act and adopting provisions of the Uniform                                    
02 Securities Act."                                                                                                        
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 45.55.050(d) is repealed and reenacted to read:                                                   
05            (d)  The records referred to in this section are subject to the reasonable                                   
06       periodic, special, or other audits or inspections by a representative of the                                      
07       administrator, inside or outside this state, as the administrator considers necessary or                          
08       appropriate in the public interest and for the protection of investors.  An audit or                              
09       inspection may be made at any time and without prior notice.  The administrator may                               
10       copy and remove for audit or inspection copies of all records the administrator                                   
11       reasonably considers necessary or appropriate to conduct the audit or inspection. The                             
12       administrator may assess a reasonable charge under AS 45.55.915 for conducting an                                 
13       audit or inspection under this subsection.                                                                        
14    * Sec. 2.  AS 45.55.060(g) is repealed and reenacted to read:                                                      

01            (g)  Withdrawal of registration by a broker-dealer, agent, state investment                                  
02       adviser, or investment adviser representative becomes effective 60 days after the filing                          
03       of the application to withdraw or within a shorter period of time as provided by a                                
04       regulation adopted or an order issued under this chapter unless a revocation or                                   
05       suspension proceeding is pending when the application is filed. If a proceeding is                                
06       pending, withdrawal becomes effective when and upon the conditions as required by                                 
07       regulation adopted or order issued under this chapter.  The administrator may institute                           
08       a revocation or suspension proceeding under this section within one year after the                                
09       withdrawal became effective automatically and issue a revocation or suspension order                              
10       as of the last date on which registration was effective if a proceeding is not pending.