Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.60.325 Display of unique identifier.
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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…
AS 06.60.330 Compliance with federal requirements.
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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 (Communit…
AS 06.60.340 Prohibited activities.
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A person who is required to be licensed under this chapter and a person who is licensed under AS 06.20 may not, in connection with a mortgage loan transaction, (1) misrepresent or conceal a material fact or make a false promise likely to influence, persuade, or induce an applican…
AS 06.60.350 Certain refinancing prohibited.
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(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 secti…
AS 06.60.360 Escrow accounts.
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(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 acco…
AS 06.60.370 Criminal penalties.
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(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…
AS 06.60.380 Definition of “covered person.”
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Article 6. Enforcement. In AS 06.60.320 — 06.60.380, “covered person” means a mortgage licensee or a person who is licensed under AS 06.20.
AS 06.60.400 Cease and desist proceedings.
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(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…
AS 06.60.405 Review of temporary cease and desist orders.
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(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 o…
AS 06.60.410 Censure, suspension, or bar.
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(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 employm…
AS 06.60.420 Civil penalty for violations.
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(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 secti…
AS 06.60.430 Additional enforcement provisions, actions, and rights.
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(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 45.50.4…
AS 06.60.440 Definition. [Repealed, § 87 ch 61 SLA 2010.]
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Article 7. Originator Surety Fund.
AS 06.60.500 Mortgage loan originator surety fund.
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The mortgage loan originator surety fund is established as a separate account in the general fund. The purpose of the fund is to pay fund claims against mortgage loan originator licensees.
AS 06.60.510 Composition of fund.
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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 unde…
AS 06.60.520 Use of fund.
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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…
AS 06.60.530 Fund report.
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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.
AS 06.60.540 Approval required. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.550 Required fund fees.
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(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 fun…
AS 06.60.560 Claim for reimbursement.
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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 eligibl…
AS 06.60.570 Submission of fund claim.
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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 conver…
AS 06.60.580 Form and contents of fund claim.
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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 th…
AS 06.60.590 Claim hearing.
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Except as otherwise provided by AS 06.60.610, a hearing on a fund claim shall be handled by the office of administrative hearings (AS 44.64.010).
AS 06.60.600 Filing and distribution of claim.
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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 resu…
AS 06.60.610 Election to use small claims court.
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(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 …
AS 06.60.620 Filing fee.
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(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 cla…
AS 06.60.630 Department contracts.
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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…
AS 06.60.640 Defense of claim.
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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 …
AS 06.60.650 Standard of proof.
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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 …
AS 06.60.660 Postponement.
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The department may postpone its consideration of a fund claim until after a hearing under AS 06.60.200 or 06.60.590 or until the completion of a pending court proceeding.
AS 06.60.670 Nonapplication.
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AS 06.60.630 — 06.60.660 do not apply to a fund claim that is dismissed under AS 06.60.610.
AS 06.60.680 Findings and payment.
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(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 i…
AS 06.60.690 Fund operations.
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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 awa…
AS 06.60.700 Payment of small claims judgment.
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(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 …
AS 06.60.710 Maximum liability.
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(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…
AS 06.60.715 Other rights of claimant.
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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.
AS 06.60.720 Order of fund claim payment.
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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…
AS 06.60.730 False claims or documents.
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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.
AS 06.60.740 Right to subrogation.
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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 intere…
AS 06.60.745 Reimbursement for expenses.
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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 d…
AS 06.60.750 Disciplinary action against a mortgage loan originator licensee.
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Article 8. Program Administration Fee. 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.
AS 06.60.800 Authorization of program administration fee.
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(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 t…
AS 06.60.810 Payment and use of fees. [Repealed, § 87 ch 61 SLA 2010.]
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Article 9. Duties and Powers of the Department.
AS 06.60.850 Publication of disciplinary action.
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The department may release, through the Internet, the registry, or other publication, notice of disciplinary action taken by the department against a person required to be licensed under this chapter.
AS 06.60.860 Authority of department.
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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…
AS 06.60.870 Authority to participate in national system and registry. [Repealed, § 87 ch 61 SLA 2010.]
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Article 10. Miscellaneous Provisions.
AS 06.60.890 Application to Internet activities.
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This chapter applies to a person even if the person is engaging in the activities regulated by this chapter by using an Internet website from within or outside the state.
AS 06.60.895 Effect of revocation, suspension, or surrender of license.
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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.
AS 06.60.900 Applicability of administrative procedures.
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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 discipl…
AS 06.60.905 Untrue, misleading, or false statements.
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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 …