Section 06.60.015. Exemptions.

   (a) [See delayed amendment note]. =ro 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; or
        (4) a federal, state, or local government agency, including an agency that arranges or provides financing for mortgage loans.
   (b) The following individuals are exempt from the mortgage loan originator licensing requirements of this chapter:
        (1) a registered mortgage loan originator, when acting for an entity described in (a)(1), (2), or (3) of this section;
        (2) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual; in this paragraph, "immediate family member" means a spouse, child, stepchild, sibling, stepsibling, parent, stepparent, grandparent, or grandchild;
        (3) an individual seller who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as the individual's residence;
        (4) a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or another mortgage loan originator or by an agent of a lender, a mortgage broker, or another mortgage loan originator.

Authorities

6.60.010; 6.60.012; 6.60.014

Notes

Recent Bills that will modify this

HB 12 MORTGAGE LENDING AND LOAN ORIGINATORS

Implemented As

3 AAC 14.010
3 AAC 14.020

References

3 AAC 14.010
3 AAC 14.020
AS 6.60.010 .010">Sec. 06.60.010. Mortgage lender or mortgage broker license required.
AS 6.60.012 .012">Sec. 06.60.012. Mortgage loan originator license required.
AS 6.60.014 .014">Sec. 06.60.014. Registered depository institutions. [Effective January 1, 2017]..

History

(Sec. 2 ch 50 SLA 2007; am Sec. 5 ch 61 SLA 2010; am Sec. 3 ch 51 SLA 2016)