(a) The department may collect a program administration fee of $10 for each mortgage loan transaction to reimburse the state for the cost of administering this chapter.

Terms Used In Alaska Statutes 06.60.800

  • borrower: means an individual who receives a mortgage loan. See Alaska Statutes 06.60.990
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • program administration fee: means the fee described under Alaska Stat. See Alaska Statutes 06.60.990
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
(b) The program administration fee shall be paid by a borrower who is providing real property as security for the mortgage loan, except that, if the regulations of a federal or state loan program that insures the loan and that applies to the mortgage loan transaction prohibits the borrower from paying the program administration fee, another party to the mortgage loan transaction shall pay the program administration fee.
(c) If there are multiple mortgage loan instruments recorded for a single mortgage loan transaction, the department shall collect only one program administration fee.
(d) The program administration fees collected under this section shall be separately accounted for and may be appropriated by the legislature to the department for the operation of this chapter.
(e) In this section, “mortgage loan instrument” means a deed of trust, mortgage, or another loan instrument recorded to encumber residential real property in the state.