Published: 2015
Key Benefits:
Sec. 06.60.870. Authority to participate in national system and registry. [Repealed, Sec. 87 ch 61 SLA 2010].
Repealed or Renumbered
Article 10. MISCELLANEOUS PROVISIONS
Sec. 06.60.890. Application to Internet activities.
This chapter applies to a person even if the person is engaging in the activities regulated by this chapter by using an Internet website from within or outside the state.
Sec. 06.60.895. Effect of revocation, suspension, or surrender of license.
The revocation, suspension, or surrender of a license does not impair or otherwise affect the rights or obligations of a preexisting lawful contract between the licensee and a borrower.
Sec. 06.60.900. Applicability of administrative procedures.
Notwithstanding AS 06.01.030 (f), the provisions of AS 44.62 (Administrative Procedure Act) apply to an action of the department to deny, revoke, or suspend a license under this chapter, to censure, suspend, or bar a person under AS 06.60.410 , to take other disciplinary action under this chapter, to hold disciplinary hearings, and to issue disciplinary orders.
Sec. 06.60.905. Untrue, misleading, or false statements.
A person may not, in a document filed with the department or in an examination, an investigation, a hearing, or another proceeding under this chapter, make or cause to be made an untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading or false.
Sec. 06.60.910. Regulations.
The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
Sec. 06.60.920. Relationship to federal and other state law.
(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict.
(b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to the extent of the conflict.
Article 11. GENERAL PROVISIONS
Sec. 06.60.990. Definitions.
In this chapter, unless the context otherwise requires,
(1) "borrower" means an individual who receives a mortgage loan;
(2) "consumer reporting agency" means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis; in this paragraph, "consumer reporting agency that compiles and maintains files on consumers on a nationwide basis" has the meaning given in 15 U.S.C. 1681a(p) (Fair Credit Reporting Act);
(3) "control" means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise; an individual is presumed to control a company if the individual
(A) is a director, general partner, or executive officer, including chief executive officer, chief financial officer, chief operations officer, chief legal officer, chief credit officer, or chief compliance officer, or occupies a similar position or performs a similar function;
(B) directly or indirectly, has the right to vote 10 percent or more of a class of voting security or has the power to sell or direct the sale of 10 percent or more of a class of voting securities;
(C) in the case of a limited liability company,
(i) is a managing member;
(ii) is a member who has the right to receive on dissolution, or has contributed, 10 percent or more of the capital of the limited liability company; or
(iii) if the limited liability company is managed by elected or appointed managers, is an elected or appointed manager; or
(D) in the case of a partnership, has the right to receive on dissolution, or has contributed, 10 percent or more of the capital;
(4) "control person" means an individual described in the uniform mortgage lender and mortgage broker application form of the registry who directly or indirectly exercises control over the applicant;
(5) "department" means the Department of Commerce, Community, and Economic Development;
(6) "depository institution" has the meaning given in 12 U.S.C. 1813 (Federal Deposit Insurance Act) and includes a credit union;
(7) "dwelling" means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives;
(8) "federal banking agency" means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation;
(9) "fund" means the mortgage loan originator surety fund established under AS 06.60.500 ;
(10) "fund claim" means a claim against the fund;
(11) "fund fee" means the fee required to be paid by AS 06.60.550 ;
(12) "individual" means a natural person;
(13) "knowingly" has the meaning given in AS 11.81.900 (a);
(14) "license" means a license issued under this chapter;
(15) "licensed mortgage loan originator" means a person who holds a mortgage loan originator license issued under this chapter;
(16) "licensee" means a person who holds a license issued under this chapter;
(17) "loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person required to be licensed or exempt from licensing under this chapter; in this paragraph, "clerical or support duties" includes, subsequent to the receipt of an application,
(A) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan; and
(B) communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling consumers about mortgage loan rates or terms;
(18) "mortgage broker" means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator,
(A) arranges with a variety of lending sources, including private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans; or
(B) assists or offers to assist a borrower or potential borrower to obtain financing for a mortgage loan;
(19) "mortgage lender"
(A) means a person who consummates and funds a mortgage loan and who is named as the payee in the promissory note and as the beneficiary of the deed of trust;
(B) does not include a subsequent purchaser of a mortgage loan or an interest in a mortgage loan that is originated by a licensee under this chapter;
(20) "mortgage license" means a license issued under this chapter to operate as a mortgage lender or a mortgage broker;
(21) "mortgage licensee" means a person who holds a mortgage license;
(22) "mortgage loan" means a residential mortgage loan;
(23) "mortgage loan originator"
(A) means an individual who, for compensation or gain, or in the expectation of compensation or gain,
(i) takes a mortgage loan application; or
(ii) offers or negotiates terms of a mortgage loan;
(B) does not include an individual who is not otherwise described in (A) of this paragraph and who is engaged solely as a loan processor or underwriter on behalf of a person described in (A) of this paragraph, except as provided in AS 06.60.013 ;
(C) does not include an individual who only performs real estate brokerage activities and is licensed or registered under applicable state law, unless the individual is compensated by a lender, a mortgage broker, or another mortgage loan originator, or by an agent of the lender, mortgage broker, or other mortgage loan originator; in this subparagraph, "real estate brokerage activity" means an activity that involves offering or providing real estate brokerage services to the public, including
(i) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(ii) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(iii) negotiating, on behalf of a party, a portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property other than in connection with providing financing with respect to the transaction;
(iv) engaging in an activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under an applicable law; and
(v) offering to engage in an activity, or act in a capacity, described in (i), (ii), (iii), or (iv) of this subparagraph; and
(D) does not include a person solely involved in extensions of credit relating to timeshare plans; in this subparagraph, "timeshare plan" has the meaning given in 11 U.S.C. 101 (Bankruptcy Code);
(24) "mortgage loan originator license" means a license issued to a person to operate as a mortgage loan originator;
(25) "Nationwide Mortgage Licensing System and Registry" has the meaning given in 12 U.S.C. 5102 (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);
(26) "nontraditional mortgage product" means a mortgage product other than a 30-year fixed-rate mortgage;
(27) "operate" means hold out, do business, offer to provide services, or provide services; in this paragraph, "hold out" means to represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the person can or will perform an activity for which a license is required under this chapter;
(28) "operate in the state" includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state;
(29) "program administration fee" means the fee described under AS 06.60.800(a);
(30) "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;
(31) "registered mortgage loan originator" means an individual who
(A) is a mortgage loan originator and is an employee of
(i) a depository institution;
(ii) a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or
(iii) an institution regulated by the Farm Credit Administration; and
(B) is registered with the registry and maintains a unique identifier with the registry;
(32) "registry" means the Nationwide Mortgage Licensing System and Registry;
(33) "residential mortgage loan" means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate located in the state; in this paragraph,
(A) "manufactured home" has the meaning given in AS 45.29.102 ;
(B) "residential real estate" means real property on which a dwelling is constructed or intended to be constructed, including a manufactured home that has become real property under AS 34.85.010 ;
(34) "unique identifier" means a number or other identifier assigned to a licensee by protocols established by the registry.
Sec. 06.60.995. Short title.
This chapter may be known as the Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010.
Sec. 08.01.010. Applicability of chapter.
This chapter applies to the
(1) Board of Public Accountancy (AS 08.04.010 );
(2) regulation of acupuncturists under AS 08.06;
(3) State Board of Registration for Architects, Engineers, and Land Surveyors (AS 08.48.011 );
(4) Athletic Commission (AS 05.05 and AS 05.10);
(5) [Effective July 1, 2015]. regulation of athletic trainers under AS 08.07;
(6) regulation of audiologists and speech-language pathologists under AS 08.11;
(7) Board of Barbers and Hairdressers (AS 08.13.010 );
(8) regulation of behavior analysts under AS 08.15;
(9) Big Game Commercial Services Board (AS 08.54.591 );
(10) regulation of business licenses under AS 43.70;
(11) Board of Chiropractic Examiners (AS 08.20.010 );
(12) regulation of collection agencies under AS 08.24;
(13) regulation of concert promoters under AS 08.92;
(14) regulation of construction contractors and home inspectors under AS 08.18;
(15) Board of Dental Examiners (AS 08.36.010 );
(16) regulation of dietitians and nutritionists under AS 08.38;
(17) Board of Certified Direct-Entry Midwives (AS 08.65.010 );
(18) regulation of dispensing opticians under AS 08.71;
(19) regulation of electrical and mechanical administrators under AS 08.40;
(20) regulation of agencies that perform euthanasia services under AS 08.02.050;
(21) regulation of professional geologists under AS 08.02.011 ;
(22) regulation of private professional guardians and private professional conservators (AS 08.26);
(23) regulation of hearing aid dealers under AS 08.55;
(24) Board of Marine Pilots (AS 08.62.010 );
(25) Board of Marital and Family Therapy (AS 08.63.010 );
(26) [Effective July 1, 2015]. Board of Massage Therapists (AS 08.61.010 ); 
(27) State Medical Board (AS 08.64.010 );
(28) regulation of morticians under AS 08.42;
(29) regulation of the practice of naturopathy under AS 08.45;
(30) Board of Nursing (AS 08.68.010 );
(31) regulation of nursing home administrators under AS 08.70;
(32) Board of Examiners in Optometry (AS 08.72.010 );
(33) regulation of pawnbrokers (AS 08.76.100 - 08.76.590);
(34) Board of Pharmacy (AS 08.80.010 );
(35) State Physical Therapy and Occupational Therapy Board (AS 08.84.010);
(36) Board of Professional Counselors (AS 08.29.010 );
(37) Board of Psychologist and Psychological Associate Examiners (AS 08.86.010);
(38) Real Estate Commission (AS 08.88.011 );
(39) Board of Certified Real Estate Appraisers (AS 08.87.010 );
(40) Board of Social Work Examiners (AS 08.95.010 );
(41) Board of Veterinary Examiners (AS 08.98.010 ).
Sec. 08.01.020. Board organization.
Board members are appointed by the governor and serve at the pleasure of the governor. Unless otherwise provided, the governor may designate the chair of a board, and all other officers shall be elected by the board members. Unless otherwise provided, officers of a board are the chair and the secretary. A board may provide by regulation that three or more unexcused absences from meetings are cause for removal.
Sec. 08.01.025. Public members.
A public member of a board may not
(1) be engaged in the occupation that the board regulates;
(2) be associated by legal contract with a member of the occupation that the board regulates except as a consumer of the services provided by a practitioner of the occupation; or
(3) have a direct financial interest in the occupation that the board regulates.
Sec. 08.01.030. Quorum.
A majority of the membership of a board constitutes a quorum unless otherwise provided.
Sec. 08.01.035. Appointments and terms.
Members of boards subject to this chapter are appointed for staggered terms of four years. Except as provided in AS 39.05.080 (4), a member of a board serves until a successor is appointed. Except as provided in AS 39.05.080 (4), an appointment to fill a vacancy on a board is for the remainder of the unexpired term. A member who has served all or part of two successive terms on a board may not be reappointed to that board unless four years have elapsed since the person has last served on the board.
Sec. 08.01.040. Transportation and per diem.
A board member is entitled to transportation expenses and per diem as set out in AS 39.20.180 .
