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. 06.60.720. Order of fund claim payment.
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 claims in the order the fund claims were originally filed, […]
Sec. 06.60.730. False claims or documents.
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.
Sec. 06.60.740. Right to subrogation.
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 interest in that portion of the […]
Sec. 06.60.370. Criminal penalties.
(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 the department that is material under this […]
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 […]