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. 06.60.155. 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. 06.60.200. Disciplinary action.
(a) In addition to other disciplinary action allowed under this chapter or under AS 06.01, the department may deny, suspend, revoke, condition, or decline to renew a license or take other disciplinary action against a person subject to this chapter, including action under a regulation adopted under this chapter, if the department finds that the […]
Sec. 06.60.210. Suspension, revocation, or renewal related to fund.
(a) When an award is made from the fund, the department may suspend, revoke, or decline to renew the license of the mortgage loan originator licensee whose actions formed the basis of the award. (b) The department shall lift a suspension made under (a) of this section if the mortgage loan originator licensee reaches an […]
Sec. 06.60.230. Divestment.
If the department revokes a mortgage license, the mortgage licensee shall divest itself of all outstanding loans that were issued under this chapter by selling or assigning them to another mortgage licensee. Divestment under this section must be approved by the department.
Sec. 06.60.240. Reinstatement.
The department may reinstate a suspended license if the licensee complies with this chapter or with a demand, ruling, or requirement made by the department under this chapter. Before reinstatement of a license, the licensee shall pay any fees, restitution, and civil penalties owing under this chapter.
Sec. 06.60.250. Investigation and examination authority.
(a) For the purpose of initial licensing, license renewal, license suspension, license conditioning, license revocation, license termination, or general or specific inquiry or investigation to determine compliance with this chapter, including compliance by a registered depository institution, the department may access, receive, use, and copy any books, accounts, records, files, documents, information, or evidence, including […]