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 14.020 - Mortgage loan originator license or exemption required

Current through May 31, 2024
(a) A person,
				  including a sole proprietor or control person of a mortgage licensee or a
				  registered depository institution, and an individual who works under a mortgage
				  licensee or a registered depository institution, may not operate in the state
				  as· a mortgage loan originator with respect to a dwelling or residential
				  real estate in the state unless licensed by the department as a mortgage loan
				  originator.
(b) An individual
				  covered under
				  AS
				  06.60.015(b) is exempt from
				  the licensing requirements of this section
(c) A bona fide nonprofit organization
				  referenced in
				  AS
				  06.60.015(a)(5) and (c) may
				  submit an application for an exemption registration to the department through
				  the registry to determine if the organization qualifies for an exemption. In
				  addition to the information required under
				  AS
				  06.60.015(c), an application
				  for an exemption must contain
(1) a complete
				  Form MUl;
(2) a current business
				  license issued under AS 43.70;
(3)
				  documentation of the status of a tax-exempt organization under
				  26 U.S.C.
				  501(c)(3) (Internal Revenue
				  Code);
(4) complete and current
				  articles of incorporation and bylaws, and a certificate of good standing issued
				  by the domestic state; and if the corporation is not organized in this state, a
				  copy of the corporation's certificate of authority to transact business in this
				  state;
(5) policies and procedures
				  detailing how the organization ensures that the organization and the
				  organization's mortgage loan originators meet the requirements of
				  AS
				  06.60.330;
(6) a list of other trade names if the organization is operating
				  under a name that is different from the organization's legal name;
(7) details of each mortgage loan program
				  that is available to consumers; the details of each program must include the
				  interest rate, terms, underwriting guidelines, flyers, websites where the
				  program is advertised, and funding source;
(8) a list of mortgage loan originators that
				  are currently under contract with the organization; for each mortgage loan
				  originator who is currently under contract with the organization, the
				  organization shall provide
(A) a list of the
				  originator's training and education;
(B) the date of the originator's most recent
				  criminalhistory background check and independent credit report; and
(C) details of the originator's compensation
				  plan;
(9) documentation
				  or an explanation of affordable housing promotion or homeownership
				  education;
(10) organization and
				  management charts;
(11) a business
				  plan related to mortgage origination activities;
(12) a list of any consumer complaints
				  received, resolution of those complaints, and management response; and
(13) any other information that
				  the department reasonably requires with respect to the
				  organization.