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 […]
Sec. 06.60.560. Claim for reimbursement.
In addition to any other remedies available to the person, a person may seek reimbursement for a loss suffered in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the wrongful conversion of money by a mortgage loan originator licensee and is eligible to be reimbursed under AS 06.60.500 – 06.60.750 for […]
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.
Sec. 06.60.350. Certain refinancing prohibited.
(a) A covered person may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed unless the refinancing is beneficial to the borrower. (b) The factors to be considered when determining if refinancing is beneficial to the borrower under this section may include whether (1) the borrower’s new monthly […]
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. 06.60.360. Escrow accounts.
(a) A covered person and a borrower may agree that the covered person will keep in an escrow account all money that the borrower is required to pay to defray future taxes or insurance premiums or for other lawful purposes. The escrow account must be segregated from the other accounts of the covered person and […]
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. 06.60.370. 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 […]