(a) Unless exempt under Alaska Stat. § 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.

Terms Used In Alaska Statutes 06.60.012

  • Contract: A legal written agreement that becomes binding when signed.
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
  • depository institution: has the meaning given in 12 U. See Alaska Statutes 06.60.990
  • dwelling: means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives. See Alaska Statutes 06.60.990
  • individual: means a natural person. See Alaska Statutes 06.60.990
  • licensee: means a person who holds a license issued under this chapter. See Alaska Statutes 06.60.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage licensee: means a person who holds a mortgage license. See Alaska Statutes 06.60.990
  • mortgage loan: means a residential mortgage loan. See Alaska Statutes 06.60.990
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • operate in the state: includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state. See Alaska Statutes 06.60.990
  • registered depository institution: means a depository institution that is registered under Alaska Stat. See Alaska Statutes 06.60.990
  • registry: means the Nationwide Mortgage Licensing System and Registry. See Alaska Statutes 06.60.990
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • unique identifier: means a number or other identifier assigned to a licensee by protocols established by the registry. See Alaska Statutes 06.60.990
(b) 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.
  Previous section
Next section  
 Article 1 Contents