Sec. 06.60.135. Records of mortgage licensee.
(a) The requirements of this section apply to the business transactions of a mortgage licensee or registered depository institution that occur entirely or partially in this state. (b) A mortgage licensee or registered depository institution shall keep and use in the business of the mortgage licensee or registered depository institution the accounting records that are […]
Sec. 06.60.325. Display of unique identifier.
A person operating as a mortgage lender, mortgage broker, or mortgage loan originator shall clearly display the unique identifier assigned to the person by the registry on all residential mortgage loan application forms, solicitations, and advertisements, including business cards or websites, and any other documents as established by regulation or order of the department.
Sec. 06.60.140. Availability of out-of-state records.
A mortgage licensee who or registered depository institution that operates an office or other place of business outside this state shall, at the request of the department, (1) make the records of the office or place of business available to the department at a location within this state; or (2) reimburse the department its reasonable […]
Sec. 06.60.330. Compliance with federal requirements.
A person subject to this chapter shall conduct the person’s mortgage loan activities in compliance with (1) 12 U.S.C. 2601 – 2617 (Real Estate Settlement Procedures Act of 1974); (2) 12 U.S.C. 2801 – 2810 (Home Mortgage Disclosure Act of 1975); (3) 12 U.S.C. 2901 – 2908 (Community Reinvestment Act of 1977); (4) 12 U.S.C. […]
Sec. 06.60.155. Restriction on mortgage loan originator licensee’s work.
A mortgage loan originator licensee may only work as a mortgage loan originator licensee under contract for, or as an employee of, one mortgage licensee.
Sec. 06.60.157. Restrictions on mortgage licensee’s performance of mortgage loan originator activities.
A mortgage licensee may not perform mortgage loan originator activities except through a licensed mortgage loan originator who is an employee of or under exclusive contract with a mortgage licensee.
Sec. 06.60.159. Mortgage licensee’s employment of, contract with, and liability for mortgage loan originator.
(a) A mortgage licensee may not employ or enter into a contract with a person who acts as a mortgage loan originator for the mortgage licensee unless the person has a mortgage loan originator license. (b) A mortgage licensee is liable for the conduct of a person acting as a mortgage loan originator if the […]
Sec. 06.60.160. Continuing education requirements for mortgage loan originators.
(a) Each calendar year, a licensed mortgage loan originator shall complete at least eight hours of education approved under (b) of this section. At a minimum, these hours must include (1) three hours of instruction in federal statutes and regulations; (2) two hours of instruction in ethics, including instruction on issues related to fraud prevention, […]
Sec. 06.60.087. Standards for license renewal.
(a) After a licensee complies with AS 06.60.085, the department may renew the licensee’s license if (1) the licensee continues to meet the standards for license issuance under AS 06.60.060; (2) in the case of a mortgage loan originator license, the mortgage loan originator licensee has satisfied the annual continuing education requirements of AS 06.60.160; […]
Sec. 06.60.090. Inactive license.
(a) A license may become inactive under this section. (b) To be eligible to have a mortgage license become inactive, all mortgage loans of a licensee must have been paid in full or sold. (c) For a license to become inactive, a licensee shall provide the department with a written request that the license become […]