Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.60.010 Mortgage lender or mortgage broker license required.
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(a) Unless exempt under AS 06.60.015, a person may not operate in the state as a mortgage lender or mortgage broker with respect to a dwelling located in the state unless the person is licensed as a mortgage lender or mortgage broker under this chapter. (b) A mortgage lender or m…
AS 06.60.012 Mortgage loan originator license required.
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(a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter. (b) An individual required to be lice…
AS 06.60.013 Loan processors or underwriters.
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(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan pro…
AS 06.60.014 Registered depository institutions.
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(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012(b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is ot…
AS 06.60.015 Exemptions.
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(a) The following persons are exempt from the mortgage lender or mortgage broker licensing requirements of this chapter: (1) a depository institution; (2) a subsidiary that is (A) owned and controlled by a depository institution; and (B) regulated by a federal banking agency; (3)…
AS 06.60.016 Registry.
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(a) The department may participate in the registry and pay the fees required for participation in the registry. (b) The department (1) may establish relationships or contracts with the registry or other entities designated by the registry to collect and maintain records and proce…
AS 06.60.017 Small mortgage lenders and originators. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.020 Application for license.
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(a) An application for a license under this chapter must (1) be on the form prescribed by the department and the registry; (2) contain complete information regarding the applicant; (3) include fingerprints of the applicant, as needed to conduct a background check; and (4) contain…
AS 06.60.025 Application for originator license. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.026 Transfer of mortgage loan originator license.
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A person who holds a mortgage loan originator license may not transfer or assign the mortgage loan originator license.
AS 06.60.027 Background checks.
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(a) To apply for a mortgage loan originator license or a mortgage license, the applicant shall, at a minimum, furnish information concerning the applicant's identity to the registry or the department, including (1) fingerprints for submission to the Federal Bureau of Investigatio…
AS 06.60.030 Investigation.
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The department shall investigate an applicant for a license to determine if the applicant satisfies the requirements of this chapter for the license.
AS 06.60.035 Fees and expenses.
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(a) When an applicant submits an application for a license under this chapter to the department, the applicant shall pay to the department (1) an application fee in partial payment of those investigation expenses incurred by the department; and (2) an annual license fee for the p…
AS 06.60.038 Prelicensing and relicensing education of mortgage loan originators.
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(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include (1) three hours of instruction in federal statutes and regulations relating to mortgag…
AS 06.60.040 Testing of mortgage loan originators.
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(a) Before being licensed as a mortgage loan originator, an individual shall pass, under the standards established by this section, a qualified written test on appropriate subject areas, including federal and state law, under 12 U.S.C. 5104(d) (Secure and Fair Enforcement for Mor…
AS 06.60.045 Bonding.
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(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020, and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014, a bond with one or more sureties. The department …
AS 06.60.050 Decision on application.
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(a) Within 30 days after the date the department determines that it has received a complete application under AS 06.60.020, the required bond if the application is for a mortgage license, and any required fees and investigative costs, the department shall either grant or deny the…
AS 06.60.060 Determinations before licensing.
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Before granting a license under this chapter, the department shall determine, at a minimum, that (1) the applicant has complied with the requirements of this chapter for obtaining the license; (2) the applicant, including a control person of the applicant, has (A) never had a mor…
AS 06.60.065 Secs. 06.60.065 — 06.60.075. Determinations for originator licensing; form and contents of license; license availability. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.077 Authority to issue provisional license.
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Article 2. License Duration, Renewal, Inactivity, and Surrender. (a) Subject to (b) of this section, the department may issue a provisional license to an applicant for a mortgage license if the department has made all determinations under AS 06.60.060 necessary for licensure exce…
AS 06.60.080 Duration of license.
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Except for a provisional license issued under AS 06.60.077, a license issued under this chapter remains in effect until December 31 of the year in which the license is issued, unless the license is revoked, is suspended, is surrendered, or becomes inactive under this chapter.
AS 06.60.085 Renewal of license.
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(a) If a licensee intends to renew a license, the licensee shall submit to the department (1) a renewal application at a time and in the form and manner established by the department and the registry; (2) the annual license fee; (3) if the renewal is for a mortgage license, (A) a…
AS 06.60.087 Standards for license renewal.
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(a) After a licensee complies with AS 06.60.085, the department may renew the licensee's license if (1) the licensee continues to meet the standards for license issuance under AS 06.60.060; (2) in the case of a mortgage loan originator license, the mortgage loan originator licens…
AS 06.60.090 Inactive license.
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(a) A license may become inactive under this section. (b) To be eligible to have a mortgage license become inactive, all mortgage loans of a licensee must have been paid in full or sold. (c) For a license to become inactive, a licensee shall provide the department with a written …
AS 06.60.095 Reactivation of inactive license.
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(a) A person who has an inactive license certificate under AS 06.60.090 may apply to the department for an active license and pay the required fees. To be eligible for license reactivation, the applicant shall comply with all requirements for licensure in effect at the time of re…
AS 06.60.097 Surrender of license.
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Article 3. Licensee Obligations. (a) A licensee may surrender a license issued to the licensee by delivering written notice to the department that the licensee intends to surrender the license, except that a mortgage licensee may not surrender a license until all loans of that mo…
AS 06.60.100 Annual report.
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(a) Annually, on or before a date established by the department by regulation, a mortgage licensee and a registered depository institution shall file a report with the department providing relevant information that the department requires concerning the business and operations of…
AS 06.60.105 Biennial license fee. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.110 Location of business.
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A mortgage licensee may not maintain the mortgage licensee's principal place of business or a branch office within an office, suite, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction with another business, unless t…
AS 06.60.112 Branch office application.
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A mortgage licensee shall submit an application to register a branch office to the department through the registry. The department may adopt by regulation procedures and fees for the submission of an application to register a branch office, consistent with the requirements of the…
AS 06.60.115 Change of place of business.
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If a mortgage licensee wishes to change the mortgage licensee's place of business to another location, the mortgage licensee shall submit a written notice to the department at least 10 days before relocating the business. If the mortgage licensee is otherwise in compliance with t…
AS 06.60.120 Transfer of business.
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A mortgage licensee may only transfer or assign the licensee's business if (1) an application is made to the department to transfer or assign the business to another mortgage licensee with the same type of mortgage license as the transferring or assigning mortgage licensee; (2) a…
AS 06.60.130 Change in business control or business operations.
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(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 determin…
AS 06.60.135 Records of mortgage licensee.
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(a) The requirements of this section apply to the business transactions of a mortgage licensee or registered depository institution that occur entirely or partially in this state. (b) A mortgage licensee or registered depository institution shall keep and use in the business of t…
AS 06.60.140 Availability of out-of-state records.
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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 thi…
AS 06.60.145 Secs. 06.60.145 , 06.60.150. Disqualified persons; posting of license. [Repealed, § 87 ch 61 SLA 2010.]
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[Repealed or reserved.]
AS 06.60.155 Restriction on mortgage loan originator licensee's work.
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A mortgage loan originator licensee may only work as a mortgage loan originator licensee under contract for, or as an employee of, one mortgage licensee.
AS 06.60.157 Restrictions on mortgage licensee's performance of mortgage loan originator activities.
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A mortgage licensee may not perform mortgage loan originator activities except through a licensed mortgage loan originator who is an employee of or under exclusive contract with a mortgage licensee.
AS 06.60.159 Mortgage licensee's employment of, contract with, and liability for mortgage loan originator.
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(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 mortg…
AS 06.60.160 Continuing education requirements for mortgage loan originators.
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Article 4. Discipline and Investigation. (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 …
AS 06.60.200 Disciplinary action.
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(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 regul…
AS 06.60.210 Suspension, revocation, or renewal related to fund.
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(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 mort…
AS 06.60.230 Divestment.
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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.
AS 06.60.240 Reinstatement.
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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 owi…
AS 06.60.250 Investigation and examination authority.
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(a) For the purpose of initial licensing, license renewal, license suspension, license conditioning, license revocation, license termination, or general or specific inquiry or investigation to determine compliance with this chapter, including compliance by a registered depository…
AS 06.60.260 Revocation, removal, or suspension of mortgage loan originator licensee.
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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 …
AS 06.60.270 Removal by entity.
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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.
AS 06.60.280 Department list.
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The department shall make available to the public a list of all licensees who have been censured or barred or had their licenses suspended or revoked under this chapter. The department shall update the list on a monthly basis.
AS 06.60.290 Report to the registry.
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Article 5. Business Duties and Restrictions. Notwithstanding AS 06.01.025, the department shall regularly report violations of this chapter, as well as enforcement actions and other relevant information, to the registry, subject to provisions established by the department by regu…
AS 06.60.320 False, misleading, or deceptive advertising prohibited.
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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 loa…