(a) The department may revoke an exemption under AS 06.26.200 if the exempt private trust company
(1) makes a false statement under oath on any document required to be filed by this chapter;
(2) fails to submit to an examination as required by AS 06.26.200;
(3) withholds requested information from the department; or
(4) violates a provision of this chapter applicable to exempt private trust companies.
(b) If the department determines from examination or other credible evidence that an exempt private trust company has violated a requirement of this chapter, the department may by personal delivery or registered or certified mail, return receipt requested, notify the exempt private trust company in writing that the department will revoke the private trust company's exemption as of a stated date, which may not be before the fifth calendar day after the date that the notification is delivered or mailed. The notification must state the grounds for the revocation with reasonable certainty. After a revocation takes effect, the revocation is final, and the private trust company is subject to all of the requirements and provisions of this chapter that are applicable to private trust companies not exempt under AS 06.26.200.
(c) A private trust company shall comply with the provisions of this chapter from which it was formerly exempt within five calendar days after the effective date of a revocation of its exemption under this section. However, if the department determines at the time of revocation that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud, the department may, in the department's sole discretion, shorten or eliminate the five-calendar-day compliance period.
(d) If, within the time allowed under (c) of this section, the private trust company does not comply with all of the provisions of this chapter, including the capitalization requirements that have been determined by the department as necessary to assure the safety and soundness of the private trust company, the department may
(1) file a court action or pursue another remedy provided by this chapter; or
(2) refer the private trust company to the attorney general for institution of appropriate legal proceedings against the private trust company.