Sec. 06.60.112. Branch office application.
A mortgage licensee shall submit an application to register a branch office to the department through the registry. The department may adopt by regulation procedures and fees for the submission of an application to register a branch office, consistent with the requirements of the registry. The department may adopt by regulation fees and other requirements […]
Sec. 06.60.035. Fees and expenses.
(a) When an applicant submits an application for a license under this chapter to the department, the applicant shall pay to the department (1) an application fee in partial payment of those investigation expenses incurred by the department; and (2) an annual license fee for the period that terminates on December 31 after the date […]
Sec. 06.60.115. Change of place of business.
If a mortgage licensee wishes to change the mortgage licensee’s place of business to another location, the mortgage licensee shall submit a written notice to the department at least 10 days before relocating the business. If the mortgage licensee is otherwise in compliance with this chapter, the department shall issue a revised mortgage license to […]
Sec. 06.60.038. Prelicensing and relicensing education of mortgage loan originators.
(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include (1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and […]
Sec. 06.60.040. Testing of mortgage loan originators.
(a) Before being licensed as a mortgage loan originator, an individual shall pass, under the standards established by this section, a qualified written test on appropriate subject areas, including federal and state law, under 12 U.S.C. 5104(d) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). (b) The department shall treat a written test […]
Sec. 06.60.045. Bonding.
(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020, and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014, a bond with one or more sureties. The department shall establish by regulation the amount of the required bond […]
Sec. 06.60.050. Decision on application.
(a) Within 30 days after the date the department determines that it has received a complete application under AS 06.60.020, the required bond if the application is for a mortgage license, and any required fees and investigative costs, the department shall either grant or deny the license. (b) If the department denies the license, the […]
Sec. 06.60.060. Determinations before licensing.
Before granting a license under this chapter, the department shall determine, at a minimum, that (1) the applicant has complied with the requirements of this chapter for obtaining the license; (2) the applicant, including a control person of the applicant, has (A) never had a mortgage lender, mortgage broker, or mortgage loan originator license revoked […]
Sec. 06.60.077. Authority to issue provisional license.
(a) Subject to (b) of this section, the department may issue a provisional license to an applicant for a mortgage license if the department has made all determinations under AS 06.60.060 necessary for licensure except those determinations based on the criminal history background check required by AS 06.60.027. (b) A provisional license may be granted […]
Sec. 06.60.080. Duration of license.
Except for a provisional license issued under AS 06.60.077, a license issued under this chapter remains in effect until December 31 of the year in which the license is issued, unless the license is revoked, is suspended, is surrendered, or becomes inactive under this chapter.