Section 06.60.012. Mortgage loan originator license required.

   (a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter.
   (b) [See delayed amendment note]. =ro An individual required to be licensed as a mortgage loan originator shall
        (1) register with the registry and maintain a valid unique identifier issued by the registry;
        (2) work under
             (A) an exclusive contract for, or as an employee of, a mortgage licensee; or
             (B) an exclusive contract for a registered depository institution; and
        (3) be sponsored in the registry by a mortgage licensee under a sponsorship approved in the registry by the department or be sponsored by a registered depository institution under AS 06.60.014; in this paragraph, "sponsored" means authorized to conduct business as a mortgage loan originator under the supervision of a mortgage licensee or a registered depository institution.

Authorities

6.60.014

Notes

Recent Bills that will modify this

HB 12 MORTGAGE LENDING AND LOAN ORIGINATORS

Implemented As

3 AAC 14.020
3 AAC 14.062
3 AAC 14.072
3 AAC 14.305
3 AAC 14.415

References

AS 6.60.014 .014">Sec. 06.60.014. Registered depository institutions. [Effective January 1, 2017]..

History

(Sec. 4 ch 61 SLA 2010; am Sec. 1 ch 51 SLA 2016)