(a) At intervals that are not greater than 36 months, an examiner from the department shall perform an examination of the bank. Each interval shall be determined by the commissioner. During the examination, the examiner shall evaluate the quality of the bank's loan portfolio on a statistical basis and on the appropriateness and effectiveness of the bank's policies, practices, and management to carry out the bank's statutory purposes.

(b) The examiner shall prepare a summary report of the examiner's findings and conclusions. The department shall distribute a copy of the report to the bank and to the legislative auditor, but the records, information, and findings of the department related to the examination are otherwise confidential under AS 06.01.025.

(c) The commissioner shall assess the bank a fee for the actual expenses necessarily incurred by the department in connection with an examination performed under this section. The fee must include the proportionate part of the salaries and cost of employee benefits of the examiners while conducting the examination and while preparing the summary report required by (b) of this section and the transportation costs and per diem of each examiner while away from the examiner's duty station. The fee may not exceed the actual cost to the department for the examination. The commissioner shall assess the fee as soon as feasible after the examination has been completed. The bank shall pay the assessment within 30 days after receiving the commissioner's notice of the assessment.

(d) In this section,

(1) “commissioner” means the commissioner of commerce, community, and economic development;

(2) “department” means the Department of Commerce, Community, and Economic Development.