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. 06.60.690. Fund operations.
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 awarded under AS 06.60.710 or the maximum liability for fund claims under […]
Sec. 06.60.700. Payment of small claims judgment.
(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 for the purpose. (b) Before making payment under (a) of this […]
Sec. 06.60.710. Maximum liability.
(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 fund claims against one mortgage loan originator licensee may […]
Sec. 06.60.715. Other rights of claimant.
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.
Sec. 06.60.340. Prohibited activities.
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 applicant for a mortgage loan or a […]
Sec. 06.60.570. Submission of fund claim.
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 conversion that is claimed as the basis for the reimbursement.