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.
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.