Sec. 06.60.580. Form and contents of fund claim.
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 the alleged loss occurred; (4) the […]
Sec. 06.60.590. Claim hearing.
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).
Sec. 06.60.600. Filing and distribution of claim.
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 resulting in the alleged loss; (2) the employer […]
Sec. 06.60.500. Mortgage loan originator surety fund.
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.
Sec. 06.60.510. Composition of fund.
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 under AS 06.60.740.
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.