1. (a) A firm within the meaning given in AS 08.04.680 granted a permit under AS 08.04.240 that ceases to be in compliance with the ownership requirements of that section shall promptly take action to remedy that noncompliance.

2. (b) The following time periods apply to the remediation efforts under (a) of this section:

   1. (1) if the noncompliance is remedied not later than 180 days after the noncompliance begins, the firm need not provide notice to the board;

   2. (2) if the noncompliance is not or cannot be remedied during the 180-day period, the firm shall provide notice of the noncompliance to the board; the board will establish a reasonable length of additional time by which the firm must achieve compliance; in establishing a reasonable length of time,

      1. (A) the following factors may be considered:

         1. (i) the nature and extent of the noncompliance;
         2. (ii) whether the noncompliance could or should have been anticipated or avoided;
         3. (iii) any hardship that achieving compliance in a more expeditious manner may impose; and

      2. (B) the board may approve

         1. (i) up to an additional 180 days, for a total of 360 days;
         2. (ii) a length greater than that set under (i) of this subparagraph, if reasonable and necessary.

(Eff. 8/1/2012, Register 203; am 11/3/2012, Register 204; am 4/12/2024, Register 250)

Authority: AS 08.04.055, AS 08.04.240