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Alaska Statutes Title 6. Banks and Financial Institutions § 06.60.060. Determinations before licensing

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

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.

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Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.60.060. Determinations before licensing - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-60-060/

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