Sec. 06.60.430. Additional enforcement provisions, actions, and rights.
(a) The department may treat a licensee as a financial institution under AS 06.01 when applying the enforcement provisions of AS 06.01. (b) This chapter may not be interpreted to prevent the attorney general or any other person from exercising the rights provided under AS 45.50.471 – 45.50.561. (c) If the department determines that a […]
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.
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 […]