Sec. 06.60.550. Required fund fees.

225 words·~1 min read·/ak/title-6/chapter-60/06-60-550

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A person who applies for or renews a mortgage loan originator license shall pay to the department, in addition to the fees required by AS 06.60.035 , a fund fee established by the department.

(b)Every two years, if the department determines that the average balance in the fund during the previous two years was less than $250,000 or more than $500,000, the department shall, unless the department waives the adjustment, adjust the fund fee so that the average balance of the fund during the next two years is anticipated to be an amount that is not less than $250,000 or more than $500,000. In this subsection, “average balance” means the average balance in the fund after the department deducts anticipated expenditures for claims against the fund and for hearing and legal expenses directly related to fund operations and claims.

(c)At least once a month, the department shall pay the fees collected under this section into the general fund. These payments shall be credited to the fund.

(d)Notwithstanding

(a)of this section, a mortgage loan originator licensee who obtains an initial mortgage loan originator license when the department has reduced the fund fee to nothing shall nonetheless pay the fund fee established by regulation to the department for the first year of the mortgage loan originator license.