(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.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 60. Mortgage Licensing
Sec. 06.60.010. Mortgage lender or mortgage broker license required.
Sec. 06.60.012. Mortgage loan originator license required.
Sec. 06.60.013. Loan processors or underwriters.
Sec. 06.60.014. Registered depository institutions.
Sec. 06.60.020. Application for license.
Sec. 06.60.026. Transfer of mortgage loan originator license.
Sec. 06.60.027. Background checks.
Sec. 06.60.030. Investigation.
Sec. 06.60.035. Fees and expenses.
Sec. 06.60.038. Prelicensing and relicensing education of mortgage loan originators.
Sec. 06.60.040. Testing of mortgage loan originators.
Sec. 06.60.050. Decision on application.