Sec. 06.60.012. Mortgage loan originator license required.

162 words·~1 min read·/ak/title-6/chapter-60/06-60-012

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(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.