reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.130. Change in business control or business operations.

(a) The prior approval of the department that is made in a record is required for the continued operation of a mortgage licensee's business when a change in control of the mortgage licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The mortgage licensee requesting approval of the change in control shall pay all reasonable expenses incurred by the department to investigate and approve or deny the change in control. The department may establish by regulation the fees and other requirements for requesting approval of a change in control that are consistent with the requirements of the registry.
(b) If there is a material change in the business operations of a mortgage licensee not covered by AS 06.60.120, the mortgage licensee shall provide written notice to the department at least 30 days before the effective date of the change in business operations.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.140. Availability of out-of-state records.

A mortgage licensee who or registered depository institution that operates an office or other place of business outside this state shall, at the request of the department,
(1) make the records of the office or place of business available to the department at a location within this state; or
(2) reimburse the department its reasonable costs, as provided in AS 06.60.250(k), that are incurred by the department in conjunction with an investigation or examination conducted at the office or place of business.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.159. Mortgage licensee's employment of, contract with, and liability for mortgage loan originator.

(a) A mortgage licensee may not employ or enter into a contract with a person who acts as a mortgage loan originator for the mortgage licensee unless the person has a mortgage loan originator license.
(b) A mortgage licensee is liable for the conduct of a person acting as a mortgage loan originator if the mortgage licensee knows or should have known that the person's conduct violates this chapter and the person is employed by or is under contract with the mortgage licensee to act as a mortgage loan originator.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 3. Licensee Obligations. › Sec. 06.60.160. Continuing education requirements for mortgage loan originators.

(a) Each calendar year, a licensed mortgage loan originator shall complete at least eight hours of education approved under (b) of this section. At a minimum, these hours must include
(1) three hours of instruction in federal statutes and regulations;
(2) two 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 continuing education course must be approved under 12 U.S.C. 5105(b)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a continuing education course includes review and approval of the course provider.
(c) Nothing in this section precludes a continuing 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) Continuing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5105(b)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
(e) A licensed mortgage loan originator
(1) except as provided by (i) of this section, may only receive credit for a continuing education course in the calendar year in which the course is taken; and
(2) may not retake an approved course in the same or successive calendar years if the mortgage loan originator has previously taken the course to meet the annual requirements for continuing education.
(f) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours of credit for each one hour taught.
(g) Successful completion of a continuing education course approved for another state by the registry shall be accepted as credit toward completion of continuing education requirements in this state.
(h) Before a new or renewed license may be issued to a licensed mortgage loan originator who has become unlicensed, the mortgage loan originator shall complete the continuing education requirements for the last calendar year in which the mortgage loan originator's license was valid.
(i) A person meeting the requirements of AS 06.60.087, other than the continuing education requirement of AS 06.60.087(a)(2), may make up a deficiency in continuing education in a manner established by regulation.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.200. Disciplinary action.

(a) In addition to other disciplinary action allowed under this chapter or under AS 06.01, the department may deny, suspend, revoke, condition, or decline to renew a license or take other disciplinary action against a person subject to this chapter, including action under a regulation adopted under this chapter, if the department finds that the person
(1) fails to comply with an applicable provision of this title, an applicable regulation adopted under this title, a lawful demand, ruling, order, or requirement of the department, or other state or federal statute or regulation applicable to the conduct of the licensee's business;
(2) fails to meet the minimum standards for issuance or renewal of a license; or
(3) knowingly withholds material information or negligently makes a material misstatement in an application for or renewal of a license.
(b) The department may
(1) order a person subject to this chapter to cease and desist from conducting business, including an immediate temporary order to cease and desist;
(2) order a person subject to this chapter to cease and desist from violating this chapter, including an immediate temporary order to cease and desist;
(3) impose a fine on a person subject to this chapter under AS 06.60.420;
(4) issue an order of rescission, restitution, or disgorgement directed to a person subject to this chapter for a violation of this chapter;
(5) order other affirmative action that the department considers necessary, including an accounting, an asset freeze, or the appointment of a receiver.
(c) A disciplinary action under this section may be taken by itself or in conjunction with one or more other disciplinary actions under this chapter or under AS 06.01.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.210. Suspension, revocation, or renewal related to fund.

(a) When an award is made from the fund, the department may suspend, revoke, or decline to renew the license of the mortgage loan originator licensee whose actions formed the basis of the award.
(b) The department shall lift a suspension made under (a) of this section if the mortgage loan originator licensee reaches an agreement with the department on terms and conditions for the repayment to the fund of the money awarded to the claimant and the costs of hearing the fund claim. The department may reimpose the suspension if the mortgage loan originator licensee violates the terms of a repayment agreement entered into under this subsection.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.230. Divestment.

If the department revokes a mortgage license, the mortgage licensee shall divest itself of all outstanding loans that were issued under this chapter by selling or assigning them to another mortgage licensee. Divestment under this section must be approved by the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.240. Reinstatement.

The department may reinstate a suspended license if the licensee complies with this chapter or with a demand, ruling, or requirement made by the department under this chapter. Before reinstatement of a license, the licensee shall pay any fees, restitution, and civil penalties owing under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.260. Revocation, removal, or suspension of mortgage loan originator licensee.

If the department finds that a mortgage loan originator licensee is dishonest, reckless, or incompetent when operating as a mortgage loan originator or fails to comply with applicable law, with regulations or orders of the department, or with written requirements or instructions of the department relating to the mortgage loan originator license, the department may revoke or suspend the mortgage loan originator license, remove the mortgage loan originator licensee from operating as a mortgage loan originator in the state, or order a person licensed under this title to remove the mortgage loan originator licensee from operating as a mortgage loan originator for the person.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 4. Discipline and Investigation. › Sec. 06.60.270. Removal by entity.

A mortgage licensee shall remove a mortgage loan originator licensee from acting as a mortgage loan originator for the mortgage licensee if the department directs the mortgage licensee to remove the mortgage loan originator licensee under AS 06.60.260.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.320. False, misleading, or deceptive advertising prohibited.

A person may not advertise, print, display, publish, distribute, broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner a statement or representation with regard to the rates, terms, or conditions for a mortgage loan that is false, misleading, or deceptive.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.325. Display of unique identifier.

A person operating as a mortgage lender, mortgage broker, or mortgage loan originator shall clearly display the unique identifier assigned to the person by the registry on all residential mortgage loan application forms, solicitations, and advertisements, including business cards or websites, and any other documents as established by regulation or order of the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.330. Compliance with federal requirements.

A person subject to this chapter shall conduct the person's mortgage loan activities in compliance with
(1) 12 U.S.C. 2601 - 2617 (Real Estate Settlement Procedures Act of 1974);
(2) 12 U.S.C. 2801 - 2810 (Home Mortgage Disclosure Act of 1975);
(3) 12 U.S.C. 2901 - 2908 (Community Reinvestment Act of 1977);
(4) 12 U.S.C. 5101 - 5116 (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);
(5) 15 U.S.C. 1601 - 1666j and 1671 - 1693r (Consumer Credit Protection Act);
(6) 42 U.S.C. 3601 - 3631 (Fair Housing Act of 1968);
(7) any other federal statute the purpose of which is to regulate residential mortgage lending; and
(8) regulations adopted under the statutes identified in (1) - (7) of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.350. Certain refinancing prohibited.

(a) A covered person may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed unless the refinancing is beneficial to the borrower.
(b) The factors to be considered when determining if refinancing is beneficial to the borrower under this section may include whether
(1) the borrower's new monthly payment is lower than the total of all monthly obligations being refinanced, after taking into account the costs and fees of the refinancing;
(2) the amortization period of the new mortgage loan is different from the amortization period of the mortgage loan being refinanced;
(3) the borrower receives cash in excess of the costs and fees of the refinancing;
(4) the rate of interest of the borrower's promissory note is reduced;
(5) the mortgage loan changes from an adjustable rate loan to a fixed rate loan; in a determination under this paragraph, the department may take into account costs and fees;
(6) the refinancing is necessary to respond to a bona fide personal need or an order of a court of competent jurisdiction;
(7) the original term of the mortgage loan being refinanced is two years or less; and
(8) the refinancing is being made to prevent a foreclosure on an existing mortgage loan.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.360. Escrow accounts.

(a) A covered person and a borrower may agree that the covered person will keep in an escrow account all money that the borrower is required to pay to defray future taxes or insurance premiums or for other lawful purposes. The escrow account must be segregated from the other accounts of the covered person and be subject to a written escrow agreement. The covered person may not commingle the borrower's money with the general funds of the covered person. Money deposited in an escrow account under this subsection shall be maintained in the account until it is disbursed in accordance with the written escrow agreement.
(b) A covered person may not require a borrower to pay money into escrow to defray future taxes, to defray insurance premiums, or for another purpose, in connection with a subordinate mortgage loan, unless an escrow account for that purpose is not being maintained for the mortgage loan that is superior to the subordinate mortgage loan.
(c) If the billing address of a covered person who is holding money in escrow for insurance premiums changes, the covered person shall notify the insurer in writing about the change of billing address within 30 days after the change or 60 days before the renewal date of the insurance policy, whichever is later.
(d) A covered person who accepts money belonging to a borrower in connection with a mortgage loan shall deposit all of the money into an escrow account maintained by the covered person in a bank or another recognized depository institution. In this subsection, “recognized depository institution” means a person who is organized as a financial institution under the laws of a state or the federal government and whose deposits are insured by a federal agency.
(e) Money held in an escrow account under this section is exempt from execution, attachment, or garnishment under AS 09.38 and is not subject to a claim under AS 09.38.065.
(f) In this section, “escrow account” means an account
(1) to which a borrower makes payments for obligations related to the real property that is the subject of a residential mortgage loan of the borrower;
(2) held by a third person; and
(3) from which the third person identified in (2) of this subsection disburses money in accordance with a written agreement to pay obligations related to the real property that is the subject of a residential mortgage loan of the borrower.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 5. Business Duties and Restrictions. › Sec. 06.60.370. Criminal penalties.

(a) The department may report a violation of (b) - (e) of this section to the attorney general, who may institute the proper proceedings to enforce the criminal penalties provided in (b) - (e) of this section.
(b) A person who knowingly provides false or misleading information to the department that is material under this chapter is guilty of a class A misdemeanor.
(c) A person who knowingly fails to account for or deliver to a person money, deposits, or checks or other forms of negotiable instruments in violation of the provisions of this chapter is guilty of a class A misdemeanor.
(d) A licensee who knowingly fails to disburse money belonging to the borrower without just cause is guilty of a class A misdemeanor.
(e) Unless the person is exempt from licensing under this chapter, a person who knowingly operates in this state as a mortgage lender, mortgage broker, or mortgage loan originator without a license issued under this chapter is guilty of a class A misdemeanor.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 6. Enforcement. › Sec. 06.60.400. Cease and desist proceedings.

(a) Notwithstanding AS 06.01.030(d) and (e), if the department finds, after notice and opportunity for a hearing, that a person has violated, is violating, or is about to violate any provision of this chapter, a regulation adopted under this chapter, or an order issued under this chapter, the department may publish findings and enter an order requiring the person to cease and desist from committing or causing the violation and any future violation of the same provision or regulation. An order may, in addition to requiring a person to cease and desist from committing or causing a violation, require the person to comply, or to take steps to effect compliance, with a provision or regulation, on terms and conditions and within a time, as the department may specify in the order. An order may require future compliance or steps to result in future compliance, either permanently or for a period of time, as the department may specify.
(b) Notwithstanding AS 06.01.030(d) and (e), if the department determines that the alleged violation or threatened violation is likely to result in significant dissipation or conversion of assets, significant harm to consumers, or substantial harm to the public interest before the completion of cease and desist proceedings, the department may enter a temporary order requiring the respondent to cease and desist from the violation or threatened violation and to take action to prevent the violation or threatened violation and to prevent dissipation or conversion of assets, significant harm to consumers, or substantial harm to the public interest as the department determines appropriate pending completion of the proceedings. A temporary order may be entered only after notice and opportunity for a hearing, unless the department determines that notice and hearing before entry would be impracticable or contrary to the public interest. A temporary order becomes effective on service on the respondent and, unless set aside, limited, or suspended by the department or a court of competent jurisdiction, remains effective and enforceable pending the completion of the cease and desist proceedings.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 6. Enforcement. › Sec. 06.60.405. Review of temporary cease and desist orders.

(a) At any time after the respondent has been served with a temporary cease and desist order under AS 06.60.400(b), the respondent may apply to the department to have the order set aside, limited, or suspended. If the respondent has been served with a temporary cease and desist order entered without a prior hearing, the respondent may, within 10 days after the date on which the order was served, request a hearing on the application, and the office of administrative hearings shall hold a hearing and render a decision on the application under AS 44.64.060. A respondent served with a temporary cease and desist order entered without a prior hearing may not apply to the court except after hearing and decision by the department on the respondent's application under this subsection.
(b) The commencement of proceedings under this section does not, unless specifically ordered by the court, operate as a stay of the department's order.
(c) In a cease and desist proceeding under this section, the department may issue an order to prohibit, conditionally or unconditionally, permanently or for a period of time the department determines, a person who has violated this chapter from operating as a mortgage lender, mortgage broker, or mortgage loan originator if the conduct of that person demonstrates unfitness to operate as a mortgage lender, mortgage broker, or mortgage loan originator.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 6. Enforcement. › Sec. 06.60.410. Censure, suspension, or bar.

(a) In addition to any other remedy provided under this chapter, the department may, by order after appropriate notice and opportunity for a hearing, censure a person, suspend the license of a person for a period not to exceed 12 months, or bar a person from a position of employment, management, or control of a licensee or registered depository institution if the department finds that
(1) the censure, suspension, or bar is in the public interest;
(2) the person has knowingly committed or caused a violation of this chapter or a regulation adopted under this chapter; and
(3) the violation has caused material damage to the licensee, to the registered depository institution, or to the public.
(b) When a person who is the subject of a proposed order under this section receives a notice of the department's intention to issue an order under this section, the person is immediately prohibited from engaging in any activities for which a license is required under this chapter or for which registration is required under AS 06.60.014.
(c) A person who is suspended or barred under this section is prohibited from participating in a business activity of a licensee or registered depository institution and from engaging in a business activity on the premises where a licensee or registered depository institution is conducting the business of a licensee or registered depository institution. This subsection may not be construed to prohibit a suspended or barred person from having the person's personal transactions processed by a licensee or registered depository institution.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 6. Enforcement. › Sec. 06.60.420. Civil penalty for violations.

(a) Notwithstanding AS 06.01.035, a person who violates a provision of this chapter, or a regulation adopted or an order issued under this chapter, is liable for a civil penalty not to exceed $10,000 for each violation.
(b) The remedies provided by this section and by other sections of this chapter are not exclusive and may be sought in combination with other remedies to enforce the provisions of this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 6. Enforcement. › Sec. 06.60.430. Additional enforcement provisions, actions, and rights.

(a) The department may treat a licensee as a financial institution under AS 06.01 when applying the enforcement provisions of AS 06.01.
(b) This chapter may not be interpreted to prevent the attorney general or any other person from exercising the rights provided under AS 45.50.471 - 45.50.561.
(c) If the department determines that a licensee or a person acting on behalf of the licensee is in violation of, or has violated, a provision of this chapter, the department may refer the information to the attorney general and request that the attorney general investigate the violation under AS 45.50.495. The attorney general may enjoin a violation of this chapter and may seek restitution, rescission, and other relief as allowed by law.
(d) In addition to another investigation allowed under this chapter, the department may conduct other examinations, periodic audits, special audits, investigations, and hearings as may be necessary and proper for the efficient administration of this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.510. Composition of fund.

The fund consists of appropriations of payments made by mortgage loan originator licensees under AS 06.60.550, filing fees for fund claims retained under AS 06.60.620, income earned on the investment of the money in the fund, and money deposited in the fund by the department under AS 06.60.740.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.520. Use of fund.

The legislature may appropriate the money collected in the fund under AS 06.60.510 to the department to implement AS 06.60.500 - 06.60.750, including paying claims, holding hearings, and incurring legal expenses and other expenses directly related to fund claims and the operation of the fund. Nothing in AS 06.60.500 - 06.60.750 creates a dedicated fund.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.530. Fund report.

Every six months, the department shall provide a written report to the director of the office of management and budget on the activities of the fund, the balances in the fund, interest earned on the fund, and interest returned to the fund.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.550. Required fund fees.

(a) A person who applies for or renews a mortgage loan originator license shall pay to the department, in addition to the fees required by AS 06.60.035, a fund fee established by the department.
(b) Every two years, if the department determines that the average balance in the fund during the previous two years was less than $250,000 or more than $500,000, the department shall, unless the department waives the adjustment, adjust the fund fee so that the average balance of the fund during the next two years is anticipated to be an amount that is not less than $250,000 or more than $500,000. In this subsection, “average balance” means the average balance in the fund after the department deducts anticipated expenditures for claims against the fund and for hearing and legal expenses directly related to fund operations and claims.
(c) At least once a month, the department shall pay the fees collected under this section into the general fund. These payments shall be credited to the fund.
(d) Notwithstanding (a) of this section, a mortgage loan originator licensee who obtains an initial mortgage loan originator license when the department has reduced the fund fee to nothing shall nonetheless pay the fund fee established by regulation to the department for the first year of the mortgage loan originator license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.560. Claim for reimbursement.

In addition to any other remedies available to the person, a person may seek reimbursement for a loss suffered in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the wrongful conversion of money by a mortgage loan originator licensee and is eligible to be reimbursed under AS 06.60.500 - 06.60.750 for the loss from money appropriated for that purpose.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.570. Submission of fund claim.

To seek reimbursement under AS 06.60.560, a person shall submit a fund claim to the department for the reimbursement on a form furnished by the department. The person must file the fund claim within two years after the occurrence of the fraud, misrepresentation, deceit, or conversion that is claimed as the basis for the reimbursement.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.580. Form and contents of fund claim.

The form for a fund claim shall be executed under penalty of unsworn falsification in the second degree and must include
(1) the name and address of each mortgage loan originator licensee involved;
(2) the amount of the alleged loss;
(3) the date or period of time during which the alleged loss occurred;
(4) the date when the alleged loss was discovered;
(5) the name and address of the claimant; and
(6) a general statement of the facts related to the fund claim.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.600. Filing and distribution of claim.

At least 20 days before a hearing is held on the fund claim by the office of administrative hearings (AS 44.64.010), the department shall send a copy of the claim filed with the department to
(1) each mortgage loan originator licensee alleged to have committed the misconduct resulting in the alleged loss;
(2) the employer of the mortgage loan originator licensee described in (1) of this section; and
(3) any other parties involved in the mortgage loan transaction that is the subject of the fund claim.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.610. Election to use small claims court.

(a) Within 30 days after receiving a copy of a fund claim under AS 06.60.600, a mortgage loan originator licensee against whom a claim is made may elect to defend the fund claim as a small claims action in district court under District Court Rules of Civil Procedure if the claim does not exceed the small claims jurisdictional limit.
(b) A mortgage loan originator licensee who elects under (a) of this section to defend a fund claim in district court under the small claims rules may not revoke the election without the consent of the person who filed the fund claim.
(c) On receipt of a valid written election under (a) of this section, the department shall dismiss the fund claim filed with the department and notify the person who filed the fund claim that the person who filed the fund claim must bring a small claims action in the appropriate district court.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.620. Filing fee.

(a) A person who files a fund claim under AS 06.60.570 shall pay the department a filing fee of $250 when the person files the fund claim.
(b) The department shall refund the filing fee required under this section if the
(1) department makes an award to the claimant;
(2) fund claim is dismissed under AS 06.60.610; or
(3) fund claim is withdrawn by the claimant before the office of administrative hearings (AS 44.64.010) holds a hearing on the fund claim.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.630. Department contracts.

When the department receives a fund claim, the department may contract under AS 36.30 (State Procurement Code) with an investigator, an accountant, an attorney, or another person necessary for the department to process the fund claim. A contract may cover more than one fund claim.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.640. Defense of claim.

When the department receives a fund claim, the department shall allow each mortgage loan originator licensee against whom the claim is made an opportunity to file with the department, within seven days after receipt of notification of the fund claim under AS 06.60.600, a written statement in opposition to the fund claim and a request for a hearing.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.650. Standard of proof.

A person who submits a fund claim under AS 06.60.570 bears the burden of establishing by a preponderance of the evidence that the person suffered a loss in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the conversion of trust funds by a mortgage loan originator licensee and the extent of those losses.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.680. Findings and payment.

(a) At the conclusion of the department's consideration of a claim made under AS 06.60.570, the department shall issue a written report that provides the department's findings of fact and conclusions of law.
(b) If the department determines that the claimant has suffered a loss in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the wrongful conversion of money by a mortgage loan originator licensee, the department may award the person who filed the fund claim reimbursement from money appropriated to the fund.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.690. Fund operations.

The department shall deposit into the fund money that the department recovers from a mortgage loan originator licensee under AS 06.60.745. The department may not consider amounts paid from the fund for hearing or legal expenses when determining the maximum reimbursement to be awarded under AS 06.60.710 or the maximum liability for fund claims under AS 06.60.710.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.700. Payment of small claims judgment.

(a) If a fund claim dismissed under AS 06.60.610 results in a monetary award against a mortgage loan originator licensee, the department may pay, subject to AS 06.60.710 and 06.60.720, any outstanding portion of the small claims judgment from money appropriated to the department for the purpose.
(b) Before making payment under (a) of this section, the person who received the award shall file with the department a copy of the final judgment and an affidavit stating that more than 30 days have elapsed since the judgment became final and that the judgment has not yet been satisfied by the mortgage loan originator licensee against whom the award was made.
(c) After the department pays a small claims judgment under this section, the department is subrogated to the rights of the person to whom the money was awarded under the judgment.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.710. Maximum liability.

(a) Payment of a fund claim may not exceed $15,000 for each claimant and $15,000 for each mortgage loan transaction regardless of the number of persons injured or the number of pieces of residential property involved in the mortgage loan transaction.
(b) The maximum liability for fund claims against one mortgage loan originator licensee may not exceed $50,000.
(c) If the $50,000 liability limit under (b) of this section is insufficient to pay in full the valid fund claims of all persons who have filed fund claims against one mortgage loan originator licensee, the $50,000 shall be distributed among the claimants in the ratio that their individual fund claims bear to the aggregate of valid fund claims against that mortgage loan originator licensee. The department shall distribute the money among the persons entitled to share in the recovery without regard to the order in which their fund claims were filed.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.715. Other rights of claimant.

The rights granted to a claimant under AS 06.60.500 - 06.60.750 do not limit any other cause of action the claimant may have against a mortgage loan originator.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.720. Order of fund claim payment.

If the money appropriated to the department for payment under AS 06.60.520 - 06.60.750 is insufficient to satisfy an award under AS 06.60.680 for a fund claim, the department shall, when sufficient money has been appropriated to the department for the purpose, satisfy unpaid fund claims in the order the fund claims were originally filed, plus accumulated interest at the rate allowed under AS 45.45.010(a).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.730. False claims or documents.

A person who files a notice, statement, or other document under AS 06.60.500 - 06.60.750 that contains a material misstatement of fact is guilty of a class A misdemeanor.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.740. Right to subrogation.

When the department has paid to a claimant the sum awarded under AS 06.60.680 or 06.60.700 and any amount due under AS 06.60.720, the department shall be subrogated to all of the rights of the claimant to the amount paid, and the claimant shall assign all right, title, and interest in that portion of the claim to the department. Money collected by the department on the claim shall be deposited in the fund.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.745. Reimbursement for expenses.

If the department pays all or a portion of a fund claim against a mortgage loan originator licensee under AS 06.60.680 or 06.60.700, the department may recover from the mortgage loan originator licensee, in addition to the payment of the fund claim, the expenses incurred by the department to process and otherwise handle the fund claim.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 7. Originator Surety Fund. › Sec. 06.60.750. Disciplinary action against a mortgage loan originator licensee.

Repayment in full of all obligations to the fund does not nullify or modify the effect of disciplinary proceedings brought against a mortgage loan originator licensee under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 8. Program Administration Fee. › Sec. 06.60.800. Authorization of program administration fee.

(a) The department may collect a program administration fee of $10 for each mortgage loan transaction to reimburse the state for the cost of administering this chapter.
(b) The program administration fee shall be paid by a borrower who is providing real property as security for the mortgage loan, except that, if the regulations of a federal or state loan program that insures the loan and that applies to the mortgage loan transaction prohibits the borrower from paying the program administration fee, another party to the mortgage loan transaction shall pay the program administration fee.
(c) If there are multiple mortgage loan instruments recorded for a single mortgage loan transaction, the department shall collect only one program administration fee.
(d) The program administration fees collected under this section shall be separately accounted for and may be appropriated by the legislature to the department for the operation of this chapter.
(e) In this section, “mortgage loan instrument” means a deed of trust, mortgage, or another loan instrument recorded to encumber residential real property in the state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 9. Duties and Powers of the Department. › Sec. 06.60.860. Authority of department.

The department may make a ruling, demand, or finding that the department determines is necessary for the proper conduct of a licensee's business regulated by this chapter or for the enforcement of this chapter, including an order for the payment of restitution. The ruling, demand, or finding must be consistent with this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 10. Miscellaneous Provisions. › Sec. 06.60.895. Effect of revocation, suspension, or surrender of license.

The revocation, suspension, or surrender of a license does not impair or otherwise affect the rights or obligations of a preexisting lawful contract between the licensee and a borrower.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 10. Miscellaneous Provisions. › Sec. 06.60.900. Applicability of administrative procedures.

Notwithstanding AS 06.01.030(f), the provisions of AS 44.62 (Administrative Procedure Act) apply to an action of the department to deny, revoke, or suspend a license or registration under this chapter, to censure, suspend, or bar a person under AS 06.60.410, to take other disciplinary action under this chapter, to hold disciplinary hearings, and to issue disciplinary orders. In this section, “registration” means the registration of a depository institution under AS 06.60.014.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 10. Miscellaneous Provisions. › Sec. 06.60.905. Untrue, misleading, or false statements.

A person may not, in a document filed with the department or in an examination, an investigation, a hearing, or another proceeding under this chapter, make or cause to be made an untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading or false.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 60. Mortgage Licensing › Article 10. Miscellaneous Provisions. › Sec. 06.60.920. Relationship to federal and other state law.

(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict.
(b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to the extent of the conflict.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 65. Alaska Savings Program for Eligible Individuals › Sec. 06.65.020. General department duties.

(a) To implement and administer the program, the department shall, in addition to the other powers and duties provided to the department under this chapter,
(1) develop, set, and approve the terms and conditions of the program, consistent with this chapter and the federal authorizing law, including limiting the nature and amount of contributions that may be made to a program account;
(2) supervise the decisions about the investment of contributions to a program account;
(3) seek required federal, state, and other regulatory agency rulings and exemptions;
(4) arrange for the timely filing of required regulatory notices, disclosure documents, and reports;
(5) arrange for the program to be audited annually; and
(6) take other action that is not specifically identified in this section but that is necessary to
(A) obtain and maintain the tax benefits allowed under the federal authorizing law; and
(B) maintain favorable treatment for designated beneficiaries under state and federal programs that use a means test for eligibility.
(b) When exercising its powers and duties under this chapter, the department shall consult with the Governor's Council on Disabilities and Special Education established under AS 44.29.600.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 65. Alaska Savings Program for Eligible Individuals › Sec. 06.65.040. Additional department powers.

The department may
(1) set fees the department considers necessary or desirable for program transactions and services; and
(2) develop marketing plans and materials to promote the benefits of the program that are available to contributors under the program and to beneficiaries under the program.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 65. Alaska Savings Program for Eligible Individuals › Sec. 06.65.050. Contracting authority; procurement exemption.

(a) The department may contract with a person to advise and assist in the implementation and operation of the program.
(b) The department may contract with a person to provide services for the program.
(c) The department may enter into a contract with other states to obtain or provide the services for implementing the program. The contract may include cooperative procurement by the states of a person to provide services for the program, including investment and record-keeping services.
(d) Notwithstanding the other provisions of this chapter, the department may enter into a contract with another state to allow the residents of
(1) this state to participate in a program established by another state under the federal authorizing law, instead of establishing the program in this state;
(2) that contracting state to participate in the program in this state.
(e) The procurement of contracts for the program, including procurement of services under a contract with other states, is exempt from AS 36.30 (State Procurement Code).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 65. Alaska Savings Program for Eligible Individuals › Sec. 06.65.060. Investment oversight.

The department shall
(1) oversee and approve the selection of investment managers and advisors for the program;
(2) oversee all aspects of the program's investments and investment performance and decisions regarding the investment of program assets; and
(3) oversee all investment disclosure documents and regulatory filings related to program investments.