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Alaska Statutes Title 6. Banks and Financial Institutions § 06.60.012. Mortgage loan originator license required

Current as of January 01, 2025 | Updated by Findlaw Staff

(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) 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.

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Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.60.012. Mortgage loan originator license required - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-60-012/

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