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2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.601. Suspension and revocation; receivership.

(a) The department may suspend or revoke a money services license, place a money services licensee in receivership, or order a money services licensee to revoke the designation of an authorized delegate if
(1) the money services licensee violates this chapter or a regulation adopted or an order issued under this chapter;
(2) the money services licensee does not cooperate with an examination or investigation by the department;
(3) the money services licensee engages in fraud, intentional misrepresentation, or gross negligence;
(4) an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a regulation adopted or an order issued under this chapter, as a result of the money services licensee's wilful misconduct or wilful blindness;
(5) the competence, experience, character, or general fitness of the money services licensee, authorized delegate, person in control of a money services licensee, or responsible person of the money services licensee or authorized delegate indicates that it is not in the public interest to permit the person to provide money services;
(6) the money services licensee engages in an unsafe or unsound practice;
(7) the money services licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors; or
(8) the money services licensee does not remove an authorized delegate after the department issues and serves upon the money services licensee a final order including a finding that the authorized delegate has violated this chapter.
(b) In determining whether a money services licensee is engaging in an unsafe or unsound practice, the department may consider the size and condition of the money services licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.602. Suspension and revocation of authorized delegates.

(a) The department may issue an order suspending or revoking the designation of an authorized delegate if the department finds that
(1) the authorized delegate violated this chapter or a regulation adopted or an order issued under this chapter;
(2) the authorized delegate did not cooperate with an examination or investigation by the department;
(3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;
(4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;
(5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or
(6) the authorized delegate is engaging in an unsafe or unsound practice.
(b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the department may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a regulation adopted or order issued under this chapter, and the previous conduct of the authorized delegate.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.603. Orders to cease and desist.

(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a money services licensee or authorized delegate is likely to cause immediate and irreparable harm to the money services licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the money services licensee, the department may issue an order requiring the money services licensee or authorized delegate to cease and desist from the violation. The order becomes effective on service of it on the money services licensee or authorized delegate.
(b) The department may issue an order against a money services licensee to cease and desist from providing money services through an authorized delegate who is the subject of a separate order by the department.
(c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding under AS 06.55.601 or 06.55.602.
(d) A money services licensee or an authorized delegate who is served with an order to cease and desist may petition the superior court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding under AS 06.55.601 or 06.55.602.
(e) An order to cease and desist expires unless the department commences an administrative proceeding under AS 06.55.601 or 06.55.602 within 10 days after it is issued.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.604. Consent orders.

The department may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a regulation adopted or order issued under this chapter. A consent order shall be signed by the person to whom it is issued or by the person's authorized representative and must indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this chapter or a regulation adopted or an order issued under this chapter has been violated.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.606. Criminal penalties.

(a) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or who intentionally makes a false entry or omits a material entry in a record filed or required to be maintained under this chapter is guilty of a class C felony.
(b) A person who knowingly engages in an activity for which a money services license is required under this chapter without being licensed as a money services licensee and who receives more than $500 in compensation within a 30-day period from this activity is guilty of a class C felony.
(c) A person who knowingly engages in an activity for which a money services license is required under this chapter without being licensed as a money services licensee and who receives no more than $500 in compensation within a 30-day period from this activity is guilty of a class A misdemeanor.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 6. Enforcement. › Sec. 06.55.607. Unlicensed persons.

(a) If the department has reason to believe that a person has violated or is violating AS 06.55.101 or 06.55.201, the department may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of AS 06.55.101 or 06.55.201.
(b) In an emergency, the department may petition the superior court for the issuance of a temporary restraining order.
(c) An order to cease and desist becomes effective upon service of it upon the person.
(d) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding under AS 06.55.701 and 06.55.702.
(e) A person who is served with an order to cease and desist for violating AS 06.55.101 or 06.55.201 may petition the superior court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding under AS 06.55.701 and 06.55.702.
(f) An order to cease and desist expires unless the department commences an administrative proceeding within 10 days after it is issued.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 7. Administrative Procedures. › Sec. 06.55.702. Hearings.

(a) Except as otherwise provided in AS 06.55.603 and 06.55.607 and in (b) of this section, the department may not suspend or revoke a money services license, place a money services licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard. The department shall also hold a hearing when requested to hold a hearing by an applicant whose application for a money services license is denied.
(b) Under AS 06.55.106(c) and 06.55.204(c), the department may suspend a money services license without a hearing unless the money services licensee requests a hearing.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 7. Administrative Procedures. › Sec. 06.55.703. Investigative powers.

(a) In its investigations under this chapter, the department may administer oaths or affirmations and, on its own motion or on the request of a party to a proceeding, may subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of material that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of books, documents, and other tangible items, and the identity and location of persons having knowledge of relevant facts or other material reasonably calculated to lead to the discovery of admissible evidence.
(b) If a person fails without a lawful excuse to obey a subpoena, and after reasonable notice to all persons affected by the failure, the department may apply to the superior court for an order compelling the person to obey the subpoena.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.802. Exclusions.

This chapter does not apply to
(1) the United States or a department, an agency, or an instrumentality of the United States;
(2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;
(3) a state, a municipality, a county, or another governmental agency or governmental subdivision of a state;
(4) a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C. 1861 - 1867 (Bank Service Company Act), or a corporation organized under 12 U.S.C. 611 - 633 (Edge Act) under the laws of a state or the United States, if it does not issue, sell, or provide payment instruments or stored value through an authorized delegate who is not a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C. 1861 - 1867 (Bank Service Company Act), or a corporation organized under 12 U.S.C. 611 - 633 (Edge Act) under the laws of a state or the United States;
(5) electronic funds transfer of governmental benefits for a federal, state, or municipal agency or a state political subdivision by a contractor on behalf of
(A) the United States or a department, an agency, or an instrumentality of the United States; or
(B) a state, or a department, an agency, or an instrumentality of a state;
(6) a board of trade or a person who, in the ordinary course of business, provides clearance and settlement services for a board of trade, to the extent of the operation of the person for a board of trade; in this paragraph, “board of trade” means a board of trade designated as a contract market under 7 U.S.C. 1 - 27f (Commodity Exchange Act);
(7) a registered futures commission merchant under the federal commodities laws, to the extent of the merchant's operation as a registered futures commission merchant under the federal commodities laws;
(8) a person who provides clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws, to the extent of the person's operation as a provider of clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws;
(9) an operator of a payment system to the extent that the operator provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearinghouse transfers, or similar funds transfers; or
(10) a person registered as a securities broker-dealer under federal or state securities laws, to the extent of the person's operation as a securities broker-dealer under federal or state securities laws.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.810. Notices required.

(a) A money services licensee shall display a sign at each location where the money services licensee
(1) provides money services under this chapter; and
(2) has not designated an authorized delegate to provide money services on behalf of the money services licensee at the location.
(b) An authorized delegate shall display a sign at each location where the authorized delegate provides money services under this chapter.
(c) The sign required by (a) or (b) of this section shall be displayed at all times in full view of persons visiting the location and shall give the department's address and the department's telephone number for receiving calls regarding complaints and other concerns about money services licensees, authorized delegates, and the money services provided by money services licensees and authorized delegates.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.820. Transmission.

Within 10 business days after receiving the money or equivalent value for money transmission, unless otherwise ordered by the customer or unless the money transmission licensee has reason to believe a crime has occurred, is occurring, or may occur as a result of the money transmission, a money transmission licensee shall
(1) transmit after the deduction of fees the monetary equivalent of all money or equivalent value received for the money transmission; or
(2) issue instructions making the money or its monetary equivalent available to the person designated by the customer.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.830. Receipt.

(a) A money transmission licensee who receives money or equivalent value for a money transmission shall provide a receipt to the customer that clearly states the amount of the money or the equivalent value presented by the customer for the money transmission and the total fees charged by the money transmission licensee.
(b) If a money transmission licensee fixes, when the money transmission is initiated, the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided by (a) of this section must disclose the rate of exchange for the transaction and any limit on the length of time that the payment will be made at that fixed rate of exchange.
(c) If a money transmission licensee does not fix the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided under (a) of this section must disclose that the rate of exchange for the money transmission will be set when the person designated by the customer to receive the money takes possession of the money.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.840. Refunds.

Within 10 days after receiving a written request for a refund, a money transmission licensee shall refund to a customer money equal to the money or equivalent value received from the customer for a money transmission, unless
(1) before receiving the written request
(A) the money has been transmitted to the person designated by the customer to receive the money transmission and the person has taken possession of the money; in this section, “transmitted” means made available to the person designated by the customer to receive the money, whether or not the person designated by the customer has taken possession of the money; or
(B) instructions have been given making a monetary equivalent available to the person designated by the customer to receive the money transmission;
(2) the money transmission licensee has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting or refunding the money as requested by the customer; or
(3) the money transmission licensee is otherwise prohibited by law from making a refund.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.850. Establishment of fees and other charges.

(a) The department shall adopt regulations that establish the amount and manner of payment of fees required under this chapter.
(b) The department shall establish fee levels under (a) of this section so that the total amount of fees collected for both money transmission licenses and currency exchange licenses under this chapter approximately equals the department's actual total regulatory costs for both money transmission licenses and currency exchange licenses. The department shall set the fee levels so that the fee levels for both money transmission licenses and currency exchange licenses are the same.
(c) The department shall annually review each fee level to determine whether the regulatory costs are approximately equal to fee collections. If the review indicates that fee collections and regulatory costs are not approximately equal, the department shall calculate fee adjustments and adopt regulations under (a) of this section to implement the adjustments.
(d) In January of each year, the department shall report to the office of management and budget all fee levels and revisions made for the previous year under this section.
(e) In this section,
(1) “fee” means an application fee, a money services license fee, a first-year operation fee under AS 06.55.103(a)(2)(C), a renewal fee, the daily late fee for not submitting a renewal report and paying the renewal fee under AS 06.55.106, investigation costs under AS 06.55.105 and 06.55.203, an examination cost under AS 06.55.401, and a fee for approving a change of control under AS 06.55.404;
(2) “regulatory costs” means the costs of the department that are attributable to regulation of money services licensing under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 8. Miscellaneous Provisions. › Sec. 06.55.890. Definitions.

In AS 06.55.820 - 06.55.840,
(1) “fees” does not include revenue that a money services licensee generates from a money transmission when converting the currency of one government into the currency of another government;
(2) “monetary equivalent” means, for money transmissions that will be redeemed in a currency other than the currency that the customer uses to purchase the money transmission, the amount of money in the currency of the government that the recipient of the money transmission is to receive, as converted at the retail exchange rate offered by the money transmission licensee to the customer for the money transmission;
(3) “money transmission licensee” means a person who holds a money services license and a person who is an authorized delegate.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.010. Mortgage lender or mortgage broker license required.

(a) Unless exempt under AS 06.60.015, a person may not operate in the state as a mortgage lender or mortgage broker with respect to a dwelling located in the state unless the person is licensed as a mortgage lender or mortgage broker under this chapter.
(b) A mortgage lender or mortgage broker required to be licensed under this chapter shall register with the registry and maintain a valid unique identifier issued by the registry.
(c) A mortgage license may cover more than one location of a mortgage licensee.
(d) A person who operates as both a mortgage lender and a mortgage broker is only required to obtain one mortgage license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.012. Mortgage loan originator license required.

(a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter.
(b) An individual required to be licensed as a mortgage loan originator shall
(1) register with the registry and maintain a valid unique identifier issued by the registry;
(2) work under
(A) an exclusive contract for, or as an employee of, a mortgage licensee; or
(B) an exclusive contract for a registered depository institution; and
(3) be sponsored in the registry by a mortgage licensee under a sponsorship approved in the registry by the department or be sponsored by a registered depository institution under AS 06.60.014; in this paragraph, “sponsored” means authorized to conduct business as a mortgage loan originator under the supervision of a mortgage licensee or a registered depository institution.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.013. Loan processors or underwriters.

(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan processor or underwriter licensed as a mortgage loan originator shall register with the registry and maintain a valid unique identifier issued by the registry.
(b) An individual engaged solely in loan processor or underwriter activities who is not an independent contractor is not required to be licensed as a mortgage loan originator under this chapter if the individual does not represent to the public, through advertising or other means of communicating or providing information, including the use of the Internet, business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.014. Registered depository institutions.

(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012(b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is otherwise in compliance with this chapter, and satisfies the other requirements of this section. Registration under this section does not affect the exemption of the depository institution under AS 06.60.015(a).
(b) To register under (a) of this section, a depository institution shall
(1) complete a registration form established by the department; the form must identify the mortgage loan originator to be sponsored by the depository institution and each mortgage lending location of the registered depository institution; and
(2) pay a registration fee established by the department.
(c) Registration under (b) of this section expires after one year. To renew a registration, the depository institution shall file a renewal application with the department and pay a renewal fee established by the department.
(d) The department may deny an initial or renewal registration under this section or may suspend or revoke the registration of a depository institution that is registered under (b) of this section if the department determines that the depository institution
(1) failed to satisfy a requirement of this section;
(2) failed to supervise its sponsored mortgage loan originator adequately; or
(3) made a material misstatement or withheld information on the application for registration, on an application for the renewal of the registration, or on another document required to be filed with the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.016. Registry.

(a) The department may participate in the registry and pay the fees required for participation in the registry.
(b) The department
(1) may establish relationships or contracts with the registry or other entities designated by the registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter;
(2) shall require mortgage licensees and mortgage loan originators to register with the registry; and
(3) shall establish by regulation a process that allows mortgage licensees and mortgage loan originators to challenge information entered into the registry by the department.
(c) The department may adopt emergency regulations under AS 44.62 (Administrative Procedure Act) to implement this section, including emergency regulations for the assessment of fees.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.020. Application for license.

(a) An application for a license under this chapter must
(1) be on the form prescribed by the department and the registry;
(2) contain complete information regarding the applicant;
(3) include fingerprints of the applicant, as needed to conduct a background check; and
(4) contain other information or supporting material that the department may require concerning the applicant, including the organization and operations of an applicant for a mortgage license and the financial responsibility, background, experience, and activities of the applicant.
(b) In this section, “applicant” includes a control person of an applicant for a mortgage license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.027. Background checks.

(a) To apply for a mortgage loan originator license or a mortgage license, the applicant shall, at a minimum, furnish information concerning the applicant's identity to the registry or the department, including
(1) fingerprints for submission to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive that information for a state, national, and international criminal history background check; and
(2) personal history and experience in a form prescribed by the registry and authorization for the registry and the department to obtain
(A) an independent credit report from a consumer reporting agency; and
(B) information related to administrative, civil, or criminal findings by a governmental jurisdiction.
(b) For the purposes of this section, the department may use the registry as an agent for requesting information from and distributing information to the United States Department of Justice, another governmental agency, or another source directed by the department.
(c) As part of the investigation of an application for a license under this chapter, the department or the registry shall
(1) submit fingerprints of the applicant and a control person of the applicant to the governmental agency or entity authorized to receive the fingerprints for a state, national, or international criminal history background check under (a)(1) of this section; and
(2) obtain an independent credit report and other information related to administrative, civil, or criminal findings regarding the applicant and each control person of the applicant under (a)(2) of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.035. Fees and expenses.

(a) When an applicant submits an application for a license under this chapter to the department, the applicant shall pay to the department
(1) an application fee in partial payment of those investigation expenses incurred by the department; and
(2) an annual license fee for the period that terminates on December 31 after the date the license is issued; after this payment, the annual license fee is due every year, subject to renewal by the department.
(b) An applicant shall pay all reasonable costs and reasonable investigative fees incurred by the department before the department issues a license.
(c) The fees imposed by this section are in addition to the fees charged by the registry and the business license fees assessed under AS 43.70 (Alaska Business License Act).
(d) The department may establish by regulation the amount and manner of payment of application fees, examination fees, license fees, permit fees, investigation fees, and all administrative or other fees or penalties under this chapter. The fees established under this chapter are nonrefundable.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.038. Prelicensing and relicensing education of mortgage loan originators.

(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include
(1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending;
(2) three hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and
(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For the purposes of (a) of this section, a prelicensing education course must be approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a prelicensing education course includes review and approval of the course provider.
(c) Nothing in this section precludes a prelicensing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.
(d) Prelicensing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.040. Testing of mortgage loan originators.

(a) Before being licensed as a mortgage loan originator, an individual shall pass, under the standards established by this section, a qualified written test on appropriate subject areas, including federal and state law, under 12 U.S.C. 5104(d) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
(b) The department shall treat a written test as a qualified written test for purposes of (a) of this section if the department finds that the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including
(1) ethics; and
(2) federal and state statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending.
(c) This section does not prohibit a test provider approved by the registry from providing a test at the location of the employer of the applicant, the location of a subsidiary or affiliate of the employer of the applicant, or the location of an entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
(d) To pass a qualified written test, an applicant must answer at least 75 percent of the questions correctly.
(e) An individual may retake a test three consecutive times, but each consecutive taking of a test must occur at least 30 days after taking the preceding test.
(f) After failing three consecutive takings of the same test, an individual shall wait at least six months before retaking the test.
(g) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test. The period without a valid license under this subsection does not include the time the individual is a registered mortgage loan originator.
(h) The department may assess a fee for each administration of a qualified written test.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.045. Bonding.

(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020, and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014, a bond with one or more sureties. The department shall establish by regulation the amount of the required bond and the standards and procedures for recovery on the bond. The bond must be satisfactory to the department.
(b) The bond required by (a) of this section shall be for the use of the department, the Department of Law, or another person to recover for a claim for relief against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and all regulations adopted under this chapter and will pay the department, the Department of Law, or another person all money that may become due or owing to the department, the Department of Law, or the other person from the obligor under this chapter.
(c) An applicant for a mortgage license that covers more than one location or an applicant for registration that covers more than one location is not required to file more than one bond.
(d) The bond required under (a) of this section must be continuous until three years after the department revokes or otherwise terminates the license or registration.
(e) If the department determines that the bond required under (a) of this section is unsatisfactory for any reason, the department may require the mortgage licensee or the registered depository institution to file with the department, within 10 days after the receipt of a written demand from the department, an additional bond that complies with the provisions of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.050. Decision on application.

(a) Within 30 days after the date the department determines that it has received a complete application under AS 06.60.020, the required bond if the application is for a mortgage license, and any required fees and investigative costs, the department shall either grant or deny the license.
(b) If the department denies the license, the department shall promptly notify the applicant. The notification must state the reason for the denial and that the applicant is entitled to a hearing on the denial.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.060. Determinations before licensing.

Before granting a license under this chapter, the department shall determine, at a minimum, that
(1) the applicant has complied with the requirements of this chapter for obtaining the license;
(2) the applicant, including a control person of the applicant, has
(A) never had a mortgage lender, mortgage broker, or mortgage loan originator license revoked by a governmental jurisdiction, except that, if a revocation has been formally vacated, the revocation is not considered a revocation under this paragraph; in this paragraph,
(i) a control person of an applicant for a mortgage license includes an entity over which the control person exercised control at the time of the revocation; and
(ii) an applicant for a mortgage loan originator license includes an entity over which the applicant exercised control at the time of the revocation;
(B) not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application, or at any time preceding the date of application if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering; however, if the applicant has been pardoned for the conviction, the conviction is not considered a conviction under this subparagraph;
(C) demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of this chapter; under this subparagraph,
(i) an applicant does not show financial responsibility if the applicant has shown inattention to or neglect of the management of the person's own financial condition;
(ii) a determination that an applicant has not shown financial responsibility may include current outstanding judgments against the applicant, except judgments related solely to a claim related to medical expenses; current outstanding tax liens or other government liens and filings against the applicant; foreclosures of the applicant's property within the three years preceding the date of the application; and a pattern by the applicant of seriously delinquent accounts within the three years preceding the date of the application;
(3) the applicant for a mortgage loan originator license
(A) has completed the prelicensing education requirement described in AS 06.60.038;
(B) has passed a test that meets the requirements described in AS 06.60.040; and
(C) has paid the fund fee as required by AS 06.60.550; and
(4) the applicant for a mortgage license has provided a bond as required by AS 06.60.045.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 1. Licensing. › Sec. 06.60.077. Authority to issue provisional license.

(a) Subject to (b) of this section, the department may issue a provisional license to an applicant for a mortgage license if the department has made all determinations under AS 06.60.060 necessary for licensure except those determinations based on the criminal history background check required by AS 06.60.027.
(b) A provisional license may be granted under this section if the
(1) receipt by the department of the results of the criminal history background check is delayed more than 60 days after the date the fingerprints are submitted to the governmental agency that conducts the criminal history background check; and
(2) delay described in (1) of this subsection is not caused by the applicant.
(c) The duration of a provisional license issued under this section may not exceed 90 days.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 2. License Duration, Renewal, Inactivity, and Surrender. › Sec. 06.60.080. Duration of license.

Except for a provisional license issued under AS 06.60.077, a license issued under this chapter remains in effect until December 31 of the year in which the license is issued, unless the license is revoked, is suspended, is surrendered, or becomes inactive under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 2. License Duration, Renewal, Inactivity, and Surrender. › Sec. 06.60.085. Renewal of license.

(a) If a licensee intends to renew a license, the licensee shall submit to the department
(1) a renewal application at a time and in the form and manner established by the department and the registry;
(2) the annual license fee;
(3) if the renewal is for a mortgage license,
(A) a report, as required by regulation, identifying any changes in the information provided to the department; and
(B) current information indicating that the mortgage licensee continues to meet the minimum standards for license issuance;
(4) if the renewal is for a mortgage loan originator license,
(A) a report, as required by regulation, identifying any changes in the information provided to the department;
(B) current information indicating that the mortgage loan originator continues to meet the minimum standards for license issuance;
(C) certificates or other documents showing the mortgage loan originator has satisfied the annual continuing education requirements of AS 06.60.160; and
(D) the fund fee required by AS 06.60.550; and
(5) payment of any other required fees for renewal of the license.
(b) The department may adopt by regulation procedures and deadlines regarding the filing of an application for renewal of a license and the assessment of a penalty or other consequence for late filing, consistent with the requirements of the registry.
(c) The department shall approve or deny the application for renewal of a license not later than 60 days after the renewal application is filed.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 2. License Duration, Renewal, Inactivity, and Surrender. › Sec. 06.60.087. Standards for license renewal.

(a) After a licensee complies with AS 06.60.085, the department may renew the licensee's license if
(1) the licensee continues to meet the standards for license issuance under AS 06.60.060;
(2) in the case of a mortgage loan originator license, the mortgage loan originator licensee has satisfied the annual continuing education requirements of AS 06.60.160;
(3) the licensee has paid all required fees for renewal of the license; and
(4) the licensee is in compliance with the requirements of this chapter and regulations adopted and orders issued under this chapter.
(b) If a licensee fails to satisfy (a) of this section, the license expires at the end of the period for which the license was issued. The department may adopt by regulation procedures for the reinstatement of expired licenses. The procedures must be consistent with the standards established by the registry.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 2. License Duration, Renewal, Inactivity, and Surrender. › Sec. 06.60.095. Reactivation of inactive license.

(a) A person who has an inactive license certificate under AS 06.60.090 may apply to the department for an active license and pay the required fees. To be eligible for license reactivation, the applicant shall comply with all requirements for licensure in effect at the time of reactivation.
(b) If the department reactivates a license under this section, the license expires on December 31 of the year in which it is issued.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 2. License Duration, Renewal, Inactivity, and Surrender. › Sec. 06.60.097. Surrender of license.

(a) A licensee may surrender a license issued to the licensee by delivering written notice to the department that the licensee intends to surrender the license, except that a mortgage licensee may not surrender a license until all loans of that mortgage licensee have either been paid in full or sold.
(b) [Repealed, § 87 ch 61 SLA 2010.]
(c) Surrender of a license under this section does not affect the licensee's civil or criminal liability for acts committed before surrender of the license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.100. Annual report.

(a) Annually, on or before a date established by the department by regulation, a mortgage licensee and a registered depository institution shall file a report with the department providing relevant information that the department requires concerning the business and operations of the mortgage licensee or registered depository institution. The mortgage licensee and the registered depository institution shall make the report under oath or on affirmation. The content and form of the report shall be established by the department by regulation.
(b) A mortgage licensee who or registered depository institution that fails to file a report as required by this section is subject to a civil penalty of $25 for each day's failure to file the report.
(c) A mortgage licensee and a registered depository institution shall submit to the registry, as required by the registry, reports of the condition of the licensee or registered depository institution, which must be in the form and contain the information that the registry may require.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.110. Location of business.

A mortgage licensee may not maintain the mortgage licensee's principal place of business or a branch office within an office, suite, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction with another business, unless the name, ownership, and business purpose of the other business is disclosed in the mortgage licensee's application for a mortgage license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.112. Branch office application.

A mortgage licensee shall submit an application to register a branch office to the department through the registry. The department may adopt by regulation procedures and fees for the submission of an application to register a branch office, consistent with the requirements of the registry. The department may adopt by regulation fees and other requirements for renewal of a branch office registration that are consistent with the requirements of the registry.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.115. Change of place of business.

If a mortgage licensee wishes to change the mortgage licensee's place of business to another location, the mortgage licensee shall submit a written notice to the department at least 10 days before relocating the business. If the mortgage licensee is otherwise in compliance with this chapter, the department shall issue a revised mortgage license to the mortgage licensee that reflects the new location.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.120. Transfer of business.

A mortgage licensee may only transfer or assign the licensee's business if
(1) an application is made to the department to transfer or assign the business to another mortgage licensee with the same type of mortgage license as the transferring or assigning mortgage licensee;
(2) at least 30 days before the effective date of the proposed transfer or assignment, the department determines it has received a complete application from the proposed assignee or transferee; and
(3) the department determines that the proposed transferee or assignee complies with AS 06.60.060.