Section 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 by a governmental jurisdiction, except that, if a revocation has been formally vacated, the revocation is not considered a revocation under this paragraph; in this paragraph,
                  (i) a control person of an applicant for a mortgage license includes an entity over which the control person exercised control at the time of the revocation; and
                  (ii) an applicant for a mortgage loan originator license includes an entity over which the applicant exercised control at the time of the revocation;
             (B) not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application, or at any time preceding the date of application if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering; however, if the applicant has been pardoned for the conviction, the conviction is not considered a conviction under this subparagraph;
             (C) demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of this chapter; under this subparagraph,
                  (i) an applicant does not show financial responsibility if the applicant has shown inattention to or neglect of the management of the person's own financial condition;
                  (ii) a determination that an applicant has not shown financial responsibility may include current outstanding judgments against the applicant, except judgments related solely to a claim related to medical expenses; current outstanding tax liens or other government liens and filings against the applicant; foreclosures of the applicant's property within the three years preceding the date of the application; and a pattern by the applicant of seriously delinquent accounts within the three years preceding the date of the application;
        (3) the applicant for a mortgage loan originator license
             (A) has completed the prelicensing education requirement described in AS 06.60.038;
             (B) has passed a test that meets the requirements described in AS 06.60.040; and
             (C) has paid the fund fee as required by AS 06.60.550; and
        (4) the applicant for a mortgage license has provided a bond as required by AS 06.60.045.

Authorities

6.60.077; 6.60.087; 6.60.120

Notes

Implemented As

3 AAC 14.054
3 AAC 14.055
3 AAC 14.056
3 AAC 14.057
3 AAC 14.058
3 AAC 14.063
3 AAC 14.214
3 AAC 14.217
3 AAC 14.224
3 AAC 14.414

References

3 AAC 14.063
AS 6.60.077 .077">Sec. 06.60.077. Authority to issue provisional license.
AS 6.60.087 .087">Sec. 06.60.087. Standards for license renewal.
AS 6.60.120 .120">Sec. 06.60.120. Transfer of business.

History

(Sec. 2 ch 50 SLA 2007; am Sec. 18 ch 61 SLA 2010)