Sec. 06.60.013. Loan processors or underwriters.
(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan processor or underwriter licensed as a mortgage loan originator shall register with the […]
Sec. 06.55.701. Administrative proceedings.
All administrative proceedings under this chapter shall be conducted under AS 44.62 (Administrative Procedure Act), except that hearings shall be conducted by the office of administrative hearings (AS 44.64.010).
Sec. 06.60.014. Registered depository institutions.
(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012(b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is otherwise in compliance with this chapter, and satisfies the other requirements of this section. […]
Sec. 06.55.702. Hearings.
(a) Except as otherwise provided in AS 06.55.603 and 06.55.607 and in (b) of this section, the department may not suspend or revoke a money services license, place a money services licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty […]
Sec. 06.60.015. Exemptions.
(a) The following persons are exempt from the mortgage lender or mortgage broker licensing requirements of this chapter: (1) a depository institution; (2) a subsidiary that is (A) owned and controlled by a depository institution; and (B) regulated by a federal banking agency; (3) an institution regulated by the Farm Credit Administration; (4) a federal, […]
Sec. 06.55.403. Reports.
(a) A money services licensee shall file with the department within 15 business days any material changes in information provided in a money services licensee’s application as prescribed by the department. (b) A money services licensee shall file with the department within 45 days after the end of each fiscal quarter a current list of […]
Sec. 06.55.404. Change of control.
(a) A money services licensee shall (1) give the department notice in a record of a proposed change of control within 15 days after learning of the proposed change of control; (2) request approval of the acquisition; and (3) submit a nonrefundable fee with the notice. (b) After review of a request for approval under […]
Sec. 06.55.405. Records.
(a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank […]
Sec. 06.55.406. Money laundering reports.
(a) A money services licensee and an authorized delegate shall file with the attorney general all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws pertaining to money laundering. (b) The timely filing of a complete and accurate […]
Sec. 06.55.407. Confidentiality.
(a) Except as otherwise provided in (b) of this section, all information or reports obtained by the department from an applicant, a licensee, or an authorized delegate are confidential and not subject to disclosure under AS 40.25.100 – 40.25.295, including (1) all information contained in or related to examination, investigation, operating, or condition reports prepared […]