reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.055 - Application for mortgage license

Current through May 31, 2024
(a) To apply for a
				  mortgage license under
				  AS
				  06.60.020, a person must submit to the
				  department through the registry
(1) a
				  complete Form MU1;
(2) a complete
				  Form MU2 for a control person and branch manager of the applicant;
(3) a financial statement in compliance with
				  3 AAC 14.054;
(4) the designation of a registered agent
				  under 3 AAC 14.057;
(5) if the registry accepts fingerprints for
				  the purpose of conducting a criminal history background check of a mortgage
				  license applicant, consent to a federal criminal history record check and a
				  complete set of fingerprints in a form acceptable to the registry for the
				  applicant and each control person of the applicant;
(6) a copy of the applicant's current business license
				  issued under AS 43.70;
(7) for an
				  applicant that is a business entity,
(A)
				  documentation of the business organization and authorization under
				  3 AAC 14.056; and
(B) a copy of the current filing, with the department division
				  overseeing corporations, that designates the registered agent in the state;
(8) a copy of the
				  certificate of business name registration, issued by the department division
				  overseeing corporations, for each other trade name used by the appUcant as
				  described in
				  3 AAC 14.059;
(9) two complete sets of fingerprints in a
				  form acceptable to the Department of Public Safety for the applicant and a
				  control person of the applicant, if the registry does not accept fingerprints
				  for a mortgage license applicant;
(10) authorization under
				  AS
				  06.60.027(a)(2) for the
				  registry and the department to obtain for the applicant and a control person of
				  the applicant
(A) an independent credit
				  report fi-om a consumer reporting agency; and
(B) information related to administrative, civil, or
				  criminal findings by a governmental jurisdiction;
(11) if the answer to any of the disclosure
				  questions on the Form MUl or Form MU2 is "yes," complete details in writing of
				  each event or proceeding, including as applicable, the name and location of the
				  court, the docket or case number, and the status and summary of the event or
				  proceeding, and a copy of an applicable charge, order, or consent agreement;
				  and
(12) other information,
				  documentation, and payments as allowed by AS 06.60 and required by the
				  department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.056 - Documentation of business organization and authorization and registered agent

Current through May 31, 2024
(a) To apply for a mortgage license, an
				  applicant must submit to the department a certified copy of,
(1) if the applicant is a corporation,
(A) complete and current articles of
				  incorporation and bylaws, and a certificate of good standing issued by the
				  domestic state; and
(B) if the
				  corporation is not organized in this state, a copy of the corporation's
				  certificate of authority to transact business in this state;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.057 - Appointment of registered agent

Current through May 31, 2024
(a) An applicant
				  for a mortgage license or for a registration under AS 06.60.014 shall designate
				  on the Form MU1 a registered agent for service of process located in this
				  state. The registered agent must be an agent of the mortgage licensee or of the
				  registered depository institution upon whom process, notice, demand required or
				  permitted by law to be served upon the mortgage licensee or the registered
				  depository institution may be served.
(b) If applicant for a mortgage license is a
				  business entity, the registered agent on the Form MU1 must be the person filed
				  as registered agent for the business entity with the department division
				  overseeing corporations.
(c) A
				  mortgage licensee or a registered depository institution shall continuously
				  maintain a registered agent in this state and provide the department, through
				  the registry, with the registered agent's name, physical and mailing address,
				  telephone number, and electronic mail address.
Authority:
AS 06.60.014
AS 06.60.020
AS 06.60.060
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.059 - Use of other trade name

Current through May 31, 2024
(a) If an applicant
				  for a mortgage license intends to use one or more other trade names, the
				  applicant must disclose each other trade name on the Form MU1.
(b) A mortgage licensee may conduct business
				  using more than one other trade name only if the mortgage licensee obtains a
				  separate mortgage license for each other trade name under which the mortgage
				  licensee intends to do business. An applicant for a mortgage license may not
				  receive more than six mortgage licenses with different trade names.
(c) At the time of filing the Form MUl, and
				  for each other trade name filed on the Form MUl, an applicant for a mortgage
				  license must submit to the department through the registry a copy of the
				  certificate of business name registration issued by the department division
				  overseeing corporations.
Authority:
AS
						06.60.020
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.060 - Application for originator license

Current through May 31, 2024
To apply for an originator license under
					 AS
					 06.60.020, a person must submit
(1) to the registry Form MU4;
(2) an authorization for a federal criminal
				  background check through the registry and a complete set of fingerprints for a
				  federal criminal history background check under procedures established by the
				  registry;
(3) upon request of the
				  department, an additional complete set of fingerprints to the department in a
				  form acceptable to the Department of Public Safety for a state criminal history
				  record check;
(4) authorization
				  under AS
				  06.60.027(a)(2) 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;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.061 - Other business of applicant or control person

Current through May 31, 2024
An applicant, licensee, or control person shall provide the
					 information requested on the Form MU2 or Form MU4 regarding any business of the
					 applicant, licensee, or control person other than the business for which a
					 license is required under AS 06.60, including the nature of the business, the
					 individual's position, title, or relationship with the other business, start
					 date, hours per month, description of duties, and other information the
					 department or the registry may request.
Authority:
AS
						06.60.020
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.062 - Sponsorship

Current through May 31, 2024
(a) A mortgage loan originator license will
				  not be granted to an applicant, unless a mortgage licensee or a registered
				  depository institution sponsors the mortgage loan originator in the
				  registry.
(b) The sponsorship of a
				  mortgage loan originator licensee by a mortgage licensee or a registered
				  depository institution is not effective until it is approved by the department
				  in the registry.
(c) To operate as
				  a mortgage loan originator licensee in the state, an individual must maintain a
				  sponsorship by a mortgage licensee or a registered depository institution in
				  the registry approved by the department.
(d) A mortgage loan originator licensee may
				  be sponsored by only one mortgage licensee or one registered depository
				  institution under
				  AS
				  06.60.159.
Authority:
AS
						06.60.012
AS 06.60.155
AS 06.60.159
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.063 - Financial responsibility required to obtain and maintain licensure

Current through May 31, 2024
(a) The
				  department will consider an applicant or licensee financially responsible under
				  AS
				  06.60.060(2)(C), if the
				  applicant or licensee has a credit score of 600 or a higher score on the credit
				  report obtained under
				  AS
				  06.60.027(c).
(b) If the credit score of an applicant or
				  licensee is less than 600, to determine financial responsibility under
				  AS
				  06.60.060(2)(C), the
				  department will review evidence of the applicant's or licensee's financial
				  responsibility, including
(1) current
				  outstanding judgments, excluding judgments solely as a result of medical
				  expenses;
(2) current outstanding
				  tax liens or other government liens and filings;
(3) foreclosures during the past three years;
				  and
(4) seriously delinquent
				  accounts during the past three years.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.064 - Submittal of application to the department

Current through May 31, 2024
An applicant for a license or registration under AS 06.60
					 must complete all license or registration requirements, including the payment
					 of all required fees, before submitting the application to the department
					 through the registry.
Authority:
AS 06.60.014
AS 06.60.016
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.065 - Reimbursement of costs and investigative expenses related to applications

Current through May 31, 2024
When the department evaluates an application for an initial
					 license or registration or the renewal of a license or registration under AS
					 06.60, if the reasonable costs and reasonable investigative fees, including
					 examination costs, incurred by the department exceed a fee established in
					 3 AAC 14.072 or
					 3 AAC 14.160, the applicant must reimburse those excess
					 fees and costs, with the hours expended by a department employee to be
					 reimbursed at the rate of $75 per hour, before the department takes action on
					 the application.
Authority:
AS
						06.60.035
AS 06.60.250
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.070 - Payment of fees required

Current through May 31, 2024
The department will not take action with respect to an
					 application unless the applicable fees established in AS 06.60 or in this
					 chapter have been received by the department through the
					 registry.
Authority:
AS
						06.60.035
AS 06.60.085
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.072 - Application and license fees

Current through May 31, 2024
(a) When a person
				  applies for a mortgage license under AS 06.60, the person shall pay to the
				  department through the registry
(1) an
				  application fee of $500 in partial payment of investigative expenses incurred
				  by the department; and
(2) an
				  annual license fee of $1,000 for the period that expires on December 31 after
				  the date the license is issued.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.075 - Notice of complete application

Current through May 31, 2024
The department will provide notice through the registry to
					 the applicant upon receipt of a complete application. For the purpose of
					 beginning the 30-day period described in
					 AS
					 06.60.050, the date the department assigns a
					 "pending review" notice to the record of the applicant in the registry is the
					 date of the determination that the department has received a complete
					 application.
Authority:
AS 06.60.014
AS 06.60.020
AS 06.60.050
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.085 - Abandoned applications

Current through May 31, 2024
(a) An application is considered abandoned if
				  the department does not receive any response from the applicant, licensee, or
				  registered depository institution for 60 days after the department assigns a
				  notice of deficiency to the record of the applicant, licensee, or registered
				  depository institution in the registry.
(b) An abandoned application is denied
				  without prejudice and all fees are forfeited.
Authority:
AS
						06.60.016
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.090 - Mortgage licensee and originator licensing between July 1, 2008 and March 1, 2009 (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 2 - Registration as a Small Mortgage Lender or Small Mortgage Originator › 3 AAC 14.125 - Small mortgage lender operation through small mortgage originator (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 3 - Depository Institution Registration › 3 AAC 14.150 - Application for registration

Current through May 31, 2024
(a) To apply for
				  registration under AS 06.60.014, a depository institution shall submit
(1) to the registry
(A) a complete Form MU1;
(B) a complete Form MU2 for each control
				  person and branch manager of the applicant;
(C) a financial statement in compliance with
				  3 AAC 14.054;
(D) a copy of the surety bond in compliance
				  with 3 AAC 14.053; and
(E) the designation of a registered agent
				  under 3 AAC 14.057;
				  and
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 3 - Depository Institution Registration › 3 AAC 14.155 - Registration renewal

Current through May 31, 2024
(a) To renew a registration under AS
				  06.60.014, a registered depository institution shall submit to the department
				  through the registry on or after November 1 of the annual registration period
				  the annual registration fee required under
				  3 AAC 14.160(a)(2) and a renewal
				  application updating the record of the registered depository institution, if
				  necessary, and attesting to the current accuracy and completeness of the
				  information in the record of the registered depository institution with the
				  department and the registry.
(b) The
				  department will designate an incomplete renewal application as "on hold" in the
				  registry. The department will approve or deny the application for renewal of
				  registration not later than 60 days after the renewal application is submitted
				  to the department through the registry. The 60-day period begins on the date
				  all documentation required by the department is received, and an "on hold"
				  designation in the registry for the renewal application is removed. If a
				  registered depository institution fails to satisfy the requirements of (a) of
				  this section, the registration expires at the end of the period for which the
				  registration was issued.
(c) To
				  renew a registration, a registered depository institution shall pay to the
				  department the annual registration fee and any other outstanding fee, including
				  an investigative fee, a registration fee, a late fee, an administrative penalty
				  owed to the department, or a refund or restitution payment ordered by the
				  department to be made to a consumer.
(d) Nothing in this section relieves an
				  applicant from the obligation to pay processing or other fees that the registry
				  sets for services that the registry provides.
Authority:
AS 06.60.014
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 3 - Depository Institution Registration › 3 AAC 14.160 - Application and registration fees

Current through May 31, 2024
(a) When a
				  depository institution applies for registration under AS 06.60.014, the
				  depository institution shall pay to the department through the registry
(1) an application fee of $500 in partial
				  payment of investigative expenses incurred by the department; and
(2) an annual registration fee of $1,000 for
				  the period that expires on December 31 after the date the registration is
				  issued.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 4 - Originator Competency Testing and Continuing Education › 3 AAC 14.210 - Testing of mortgage loan originators

Current through May 31, 2024
(a) An applicant
				  for a mortgage loan originator license must comply with the requirements of the
				  registry for taking a qualified written test that includes a national component
				  and a state component.
(b) An
				  applicant for a mortgage loan originator license must submit to the department
				  through the registry a passing score for each test component.
Authority:
AS
						06.60.040
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 4 - Originator Competency Testing and Continuing Education › 3 AAC 14.212 - Retakes of mortgage loan originator competency test

Current through May 31, 2024
(a) Upon failing
				  the initial taking and three consecutive retakings of a component of a
				  qualified written mortgage loan originator competency test that is administered
				  through the registry, an individual must wait at least 180 days before retaking
				  the test. An individual may retake a component of the competency test after the
				  waiting period set out in Table 1 of this subsection: 

																																		TABLE 1. WAITING PERIODS TO RETAKE MORTGAGE LOAN ORIGINATOR COMPETENCY TEST.






TEST ATTEMPT                                 TEST RESULT    RETAKE WAITING

                                                            PERIOD

Initial attempt                              Fail           30 days

Second attempt (first retake)                Fail           30 days

Third attempt (second retake)                Fail           30 days

Fourth attempt (third retake)                Fail           180 days

Each further attempt                         Fail           30 days, except

                                                            180 days after

                                                            each fourth

                                                            attempt
(b) The retake
				  waiting period under (a) of this section applies independently to each
				  component of the qualified written test that is administered through the
				  registry.
(c) If a former mortgage
				  loan originator licensee under AS 06.60 fails for a period of five years or
				  longer to either maintain a mortgage loan originator license under AS 06.60 or
				  be employed as a registered mortgage loan originator, the former mortgage loan
				  originator licensee must retake and pass the qualified written test before
				  being relicensed as a mortgage loan originator under AS 06.60.
Authority:
AS
						06.60.040
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 4 - Originator Competency Testing and Continuing Education › 3 AAC 14.220 - Continuing education requirement for mortgage loan originator licensee

Current through May 31, 2024
(a) A
				  mortgage loan originator licensee shall complete the continuing education
				  required under
				  AS
				  06.60.160 during the annual license period
				  before license renewal or reactivation. Continuing education obtained in excess
				  of the annual requirement under
				  AS
				  06.60.160 may not be carried over to meet the
				  continuing education requirement for the following year.
(b) The department may suspend or terminate
				  the license, and will deny renewal or reactivation of the license, of a
				  mortgage loan originator licensee who fails to complete the continuing
				  education required under
				  AS
				  06.60.160 or whose certification or other
				  documentation of continuing education is not timely submitted to the department
				  through the registry. If the department denies renewal of, suspends, or
				  terminates a mortgage loan originator license for failure to complete or report
				  continuing education, a person may not obtain a new or reinstated mortgage loan
				  originator license without first satisfying the applicable continuing education
				  requirement.
Authority:
AS
						06.60.160
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 4 - Originator Competency Testing and Continuing Education › 3 AAC 14.222 - Continuing education deficiency

Current through May 31, 2024
(a) Notwithstanding
				  3 AAC 14.220(b), a mortgage loan
				  originator licensee who meets the requirements of
				  AS
				  06.60.087 other than the continuing education
				  requirement of
				  AS
				  06.60.087(a)(2) may make up
				  the deficiency in continuing education, if the mortgage loan originator
				  licensee,
(1) before December 31 of the
				  license period, submits an application for renewal that is complete except for
				  the continuing education information required under
				  AS
				  06.60.160 and pays all fees for renewal under
				  3 AAC 14.310;
(2) before March 1 of the year following the
				  year the license would otherwise have expired, completes the required
				  continuing education, submits the certification of completion of the continuing
				  education, and pays the late renewal fee under
				  3 AAC 14.315 to the department through the registry;
				  and
(3) continues to meet the
				  minimum standards for renewal until the time the renewal is approved.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 4 - Originator Competency Testing and Continuing Education › 3 AAC 14.224 - Prelicensing education and continuing education obtained in same calendar year

Current through May 31, 2024
The prelicensing education required under
					 AS
					 06.60.038 to obtain a mortgage loan
					 originator license may be used to satisfy the continuing education required
					 under AS
					 06.60.160 to renew a license, if the
					 prelicensing education was completed in the calendar year immediately preceding
					 the annual license period for which the renewal is sought.
Authority:
AS
						06.60.038
AS 06.60.060
AS 06.60.085
AS 06.60.087
AS 06.60.160
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.305 - Termination of employment relationship and reactivation

Current through May 31, 2024
(a) If a
				  relationship between a mortgage licensee or a registered depository institution
				  and a mortgage loan originator is terminated, the mortgage licensee, the
				  registered depository institution, or the mortgage loan originator shall
				  terminate the sponsorship through the registry. The termination is effective
				  when reported to the department through the registry.
(b) When a relationship between a mortgage
				  licensee or a registered depository institution and a mortgage loan originator
				  is terminated, the mortgage loan originator license becomes inactive and the
				  mortgage loan originator may not operate as a mortgage loan originator until
				  the department has
(1) approved another
				  sponsorship of the mortgage loan originator's license by the same or another
				  mortgage licensee or registered depository institution; and
(2) reactivated the mortgage loan
				  originator's license in the registry.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.310 - License renewal

Current through May 31, 2024
(a) To renew a license under
				  AS
				  06.60.085, a licensee must submit to the
				  department through the registry on or after November 1 of the annual licensing
				  period the annual license fee required under
				  3 AAC 14.072(a) (2) or (b)(2), the
				  surety fund fee if required under
				  3 AAC 14.072(b) (3), and a renewal
				  application updating the record of the licensee, if necessary, and attesting to
				  the current accuracy and completeness of the information in the record of the
				  licensee with the department and the registry.
(b) The department will designate an
				  incomplete renewal application as "on hold" or the department will approve or
				  deny a complete application as provided in
				  AS
				  06.60.085 and
				  06.60.087. The 60-day period
				  described in
				  AS
				  06.60.085(c) begins on the
				  date all documentation required by the department is received, and an "on hold"
				  designation in the registry for the renewal application is removed.
(c) To renew a license, a licensee shall pay
				  to the department the renewal fee and any other outstanding fee, including an
				  investigative fee, a license fee, a late fee, an administrative penalty owed to
				  the department, or a refund or restitution payment ordered by the department to
				  be made to a consumer.
(d) Nothing
				  in this section relieves an applicant from the obligation to pay processing or
				  other fees that the registry sets for services that the registry
				  provides.
Authority:
AS
						06.60.035
AS 06.60.085
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.315 - License termination and late renewal

Current through May 31, 2024
(a) If a licensee
				  does not submit an application for renewal and pay the renewal fees under
				  3 AAC 14.310 to the department through the registry on
				  or before December 31 of the annual licensing period, the department will
				  assign a license status of "terminated/failed to renew" to the record of the
				  licensee in the registry, and the licensee may not conduct activities for which
				  a license is required under AS 06.60 after December 31 of the annual licensing
				  period. To be eligible for a late renewal of a license, a licensee must pay a
				  late renewal fee of $250 and submit all information and payment required for
				  renewal, including the reasonable costs under
				  AS
				  06.60.250 of any investigation, before March
				  1 of the year following the annual licensing period. The late renewal fees
				  under this subsection are $500 for a mortgage licensee and $250 for a mortgage
				  loan originator. A licensee may resume activities for which a license is
				  required under AS 06.60 when the department has approved the delayed renewal of
				  the license in the registry. If a licensee does not pay the delayed renewal fee
				  and submit all information and other payment required for renewal before March
				  1 of the year following the annual licensing period, the department will deny
				  the late renewal and change the license status to
				  "terminated/expired."
(b) If a
				  licensee submits an application for renewal and renewal fees under
				  3 AAC 14.310 to the department through the registry on
				  or before December 31 of the annual licensing period, the licensee may continue
				  to operate under the license until the renewal is denied. A renewal is
				  effective on January 1 of the renewed annual licensing period, even if granted
				  after December 31 of the previous annual licensing period. If a licensee fails
				  to submit all information and payment required for renewal before March 1 of
				  the year following the annual licensing period or otherwise fails to meet the
				  requirements for renewal, the department will deny the renewal and change the
				  license status to "terminated/expired."
(c) After a license status is changed to
				  "terminated/expired," a license will not be renewed and the former licensee
				  must submit a new application for licensure and pay the fees and costs for
				  initial licensure, if the former licensee seeks to conduct activities for which
				  a license is required under AS 06.60.
Authority:
AS
						06.60.085
AS 06.60.090
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.320 - Effective date of renewed license, registration, or exemption (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.325 - Inactive license

Current through May 31, 2024
(a) If a license becomes inactive under
				  AS
				  06.60.090, the license remains inactive until
				  the license expires or is revoked or suspended, the person who holds the
				  inactive license surrenders the license, or the department grants the person's
				  request to reactivate the license, whichever first occurs.
(b) Repealed 1/1/2017.
Authority:
AS
						06.60.090
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 5 - License Duration, Renewal, Inactivity, and Surrender › 3 AAC 14.330 - Surrender of mortgage license and surrender of registration of exempt bona fide nonprofit organization

Current through May 31, 2024
(a) The voluntary
				  surrender of a mortgage license is not effective until the mortgage licensee
				  has provided proof acceptable to the department that all loans of that mortgage
				  licensee have either been paid in full or sold. The mortgage licensee shall
				  submit a surrender checklist to the department through the registry for
				  approval by the department.
(b) The
				  voluntary surrender of the registration of an exempt bona fide nonprofit
				  organization is not effective until the organization has provided proof
				  acceptable to the department that all loans of that organization have either
				  been paid in full or sold. The organization shall submit a surrender checklist
				  to the department through the registry for approval by the
				  department.
(c) There is no fee to
				  surrender.
Authority:
AS
						06.60.015
AS 06.60.080
AS 06.60.097
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.410 - Reports

Current through May 31, 2024
On or before March 15 of the year following an annual
					 period of licensure, a mortgage licensee shall submit to the department the
					 annual report required under
					 AS
					 06.60.100(a), providing
					 relevant information concerning the business and operations of the mortgage
					 licensee, including, as to the mortgage licensee,
(1) the total number and dollar amount of
				  mortgage loans closed;
(2) the
				  total number of mortgage loan applications received;
(3) the total number of brokerage agreements
				  executed;
(4) the total number of
				  persons hired by the mortgage licensee to operate as originators, the number
				  who were hired as employees, and the number who were hired under an exclusive
				  contract; and
(5) any other
				  information as allowed by AS 06.60 and that the department determines is
				  required for the department to conduct its review.
Authority:
AS
						06.60.100
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.411 - Financial statement to be submitted annually

Current through May 31, 2024
No later than 90 days after the close of its fiscal year, a
					 mortgage licensee or a registered depository institution shall submit to the
					 department through the registry a financial statement for the preceding fiscal
					 year that satisfies the requirements of
					 3 AAC 14.054.
Authority:
AS
						06.60.100
AS 06.60.135
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.412 - Submittal of program administration fee

Current through May 31, 2024
A mortgage lender shall submit a report and a program
					 administration fee of $10 directly to the department for each mortgage loan
					 transaction closed by the mortgage lender. A mortgage lender shall submit a
					 report and the collected fee no later than the 15th day of each month for each
					 mortgage loan transaction closed in the previous calendar month. The mortgage
					 lender shall submit a complete report on a form supplied by the
					 department.
Authority:
AS
						06.60.800
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.414 - Late filing civil penalty

Current through May 31, 2024
A mortgage licensee or a registered depository institution
					 shall pay a late filing civil penalty of $25 per day for each day that the
					 annual report required under
					 3 AAC 14.410, the financial statement required under
					 3 AAC 14.411, the report and fees required under
					 3 AAC 14.412, or a report of condition required under
					 AS
					 06.60.100(c) is
					 late.
Authority:
AS
						06.60.035
AS 06.60.060
AS 06.60.100
AS 06.60.800
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.415 - Supervision required

Current through May 31, 2024
(a) A mortgage licensee shall supervise all
				  operations and personnel at its principal office and any branch offices to
				  ensure compliance with AS 06.60 and this chapter. A mortgage licensee or a
				  registered depository institution shall diligently supervise each person
				  operating as a mortgage loan originator for the mortgage licensee or for the
				  registered depository institution, whether under an exclusive contract or as an
				  employee.
(b) A mortgage licensee
				  or a registered depository institution shall
(1) establish, maintain, and enforce
				  procedures to supervise the activities of all personnel, including persons
				  operating as mortgage loan originators on behalf of the mortgage licensee or of
				  the registered depository institution;
(2) monitor and review the activities of all
				  personnel at each business location, including persons operating as mortgage
				  loan originators on behalf of the mortgage licensee or of the registered
				  depository institution, to ensure compliance with AS 06.60 and this chapter;
				  and
(3) ensure that each mortgage
				  loan originator working on behalf of the mortgage licensee or of the registered
				  depository institution has the training and education needed to comply with AS
				  06.60 and this chapter.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.420 - Records of mortgage licensee registered exempt bona fide nonprofit organization, or registered depository institution

Current through May 31, 2024
(a) A mortgage
				  licensee, a registered exempt bona fide nonprofit organization, or a registered
				  depository institution shall maintain
(1) a
				  list of all signed loan applications or executed fee agreements that provides
				  each the following items:
(A) the applicant's
				  name;
(B) the application
				  date;
(C) the amount of the initial
				  loan request;
(D) the final
				  disposition date;
(E) whether the
				  loan was funded or denied, or any other disposition;
(F) the name of the mortgage loan
				  originator;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.425 - Branch office registration

Current through May 31, 2024
(a) Before engaging
				  in activities for which a license is required under AS 06.60 at a branch
				  office, a mortgage licensee and a registered depository institution must
				  register the branch office with the department through the registry. To apply
				  for the registration of a branch office, a mortgage licensee or a registered
				  depository institution shall submit to the department through the registry
(1) a complete Form MU3;
(2) an application fee of $200;
(3) an annual registration fee of $300;
				  and
(4) investigative expenses
				  incurred by the department under
				  AS
				  06.60.250.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.427 - Office relocation

Current through May 31, 2024
A mortgage licensee who or a registered depository
					 institution that seeks to relocate the office listed as the main address on the
					 Form MU1 or an office listed as a branch address on the Form MU3 shall submit a
					 written notice directly to the department at least 30 days before relocating
					 the business. In this section, "written notice" includes communication by
					 electronic mail, but not by facsimile transmission. If the mortgage licensee or
					 the registered depository institution is otherwise in compliance with AS 06.60,
					 the department will approve the change of address after the mortgage licensee
					 or the registered depository institution submits the amendment of its record to
					 the department through the registry.
Authority:
AS
						06.60.115
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.430 - Closure of office at main address on Form MU1 without relocation of office or surrender of license or registration

Current through May 31, 2024
(a) If a mortgage
				  licensee or a registered depository institution seeks to close but not relocate
				  the office listed at the main address on the Form MU1 without surrendering its
				  license or registration, the mortgage licensee or the registered depository
				  institution shall provide written notice and a request for approval of the
				  office closure and inactive license or registration directly to the department
				  at least 30 days before the proposed effective date of the office closure. The
				  mortgage licensee or the registered depository institution shall certify that
				  all mortgage loans will be paid in full or sold before the office closure and
				  inactive status and shall acknowledge to the department that the office closure
				  and inactive license or registration will not be approved until all mortgage
				  loans of the mortgage licensee or the registered depository institution have
				  been paid in full or sold.
(b) If
				  the department approves the office closure and the inactive mortgage license or
				  registration, the licensee or the registered depository institution shall
				  report the post-closure location of books and records and the post-closure
				  records custodian by submitting an application for amendment of the Form MU1 to
				  the department through the registry. The department will not approve the office
				  closure and inactive license or registration unless the mortgage licensee or
				  the registered depository institution submits written verification to the
				  department that
(1) all mortgage loans of the
				  mortgage licensee or the registered depository institution have been paid in
				  full or sold; and
(2) the books and
				  records of the office at the main address on the Form MU1 have been transferred
				  to the post-closure location approved on the Form MU1.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.431 - Closure of office at main address on Form MU1 with surrender of license or registration

Current through May 31, 2024
(a) If a mortgage licensee or registered
				  depository institution seeks to close but not relocate the office listed at the
				  main address on the Form MU1 and surrender its license or registration, the
				  mortgage licensee or registered depository institution shall provide written
				  notice and a request for approval of the office closure and license or
				  registration surrender directly to the department at least 30 days before the
				  proposed effective date of the office closure and license or registration
				  surrender. The mortgage licensee or registered depository institution shall
				  certify that all mortgage loans will be paid in full or sold before the office
				  closure and or registration surrender and shall acknowledge that the office
				  closure and license or registration surrender will not be approved by the
				  department until all mortgage loans of the mortgage licensee or registered
				  depository institution have been paid in full or sold.
(b) The mortgage licensee shall submit an
				  application for license or registration surrender and office closure to the
				  department through the registry. The department will not approve the
				  application until the mortgage licensee or the registered depository
				  institution has submitted directly to the department
(1) written verification that the books and
				  records of the office at the main address on the Form MU1 have been transferred
				  to the post-closure location approved on the Form MU1;
(2) a complete closure report on a form
				  provided by the department; and
(3)
				  written verification that all mortgage loans of the mortgage licensee or the
				  registered depository institution have been paid in full or sold, to be
				  submitted on the letterhead of the business and signed, if the business is
(A) a corporation, by the president or chief
				  executive officer;
(B) a limited
				  liability company, by a member with a majority ownership, or by all members, if
				  the limited liability company does not have a member with a majority
				  ownership;
(C) a partnership, by
				  the general partner or a partner with a majority interest, or by all partners,
				  if the partnership does not have a general partner or partner with a majority
				  interest;
(D) a sole
				  proprietorship, by the sole proprietor.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 6 - Licensee Obligations › 3 AAC 14.432 - Surrender of branch office registration

Current through May 31, 2024
A mortgage licensee who or a registered depository
					 institution that seeks to surrender a branch office registration shall submit
					 an application for surrender of the branch office registration to the
					 department through the registry. No later than seven days after submitting the
					 application for surrender, the mortgage licensee or the registered depository
					 institution shall submit directly to the department the post-surrender location
					 of books and records for the branch whose registration is surrendered. The
					 department will not approve the surrender of the branch office registration
					 until the mortgage license or the registered depository institution has
					 submitted written verification that the books and records of the branch office
					 have been transferred to the approved post-closure location.
Authority:
AS
						06.60.112
AS
						06.60.910