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 […]
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.
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 […]
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 […]
Sec. 06.60.660. Postponement.
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.
Sec. 06.60.670. Nonapplication.
AS 06.60.630 – 06.60.660 do not apply to a fund claim that is dismissed under AS 06.60.610.
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, […]
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.
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.
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 […]