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Section 1
Article 1. Licensing.
Sec. 06.60.010 Subjects mortgage lenders and brokers to licensing by the Division.
Sec. 06.60.020 List various exemptions from licensing under this Act.
Sec. 06.60.030 Provides the requirements for licensure application under the Act.
Sec. 06.60.040 Requires the Division to investigate applications for a license under the Act.
Sec. 06.60.050 Requires the initial license fee to be submitted with the application, and defines the next due date for the license fee.
Sec. 06.60.060 Sets out bonding requirements and amounts and give the Division authority to increase the amount set in this section.
Sec. 06.60.070 Requires the Division to issue a license, or reason for refusal to license, within 90 days of the filing of the application.
Sec. 06.60.080 Details those items the Division must consider in its determination of whether or not to issue a license.
Sec. 06.60.090 Outlines a list of additional grounds for disapproving a license.
Sec. 06.60.100 Gives the Division the authority to define the form of the application and requires the licensee to supply an address for where business will be conducted, and includes the Internet, if appropriate.
Sec. 06.60.110 Defines the duration of a license and restricts the transfer of a license.
Article 2. Licensee Obligations.
Sec. 06.60.200 Requires submission of an annual report, gives the Division the authority to specify the form and content and provides for a $25/day for late filing.
Sec. 06.60.210 Sets annual license fee at $250.
Sec. 06.60.220 Prohibits the licensee from conducting other business from within the licensed office unless disclosed in the initial application.
Sec. 06.60.230 Gives the licensee the authority to relocate a licensed office upon giving the Division a 10-day prior notice.
Sec. 06.60.240 Requires a licensee to inform the Division within 10 days if there is a significant change in the business operations.
Sec. 06.60.250 Provides guidance and outlines requirements for record keeping.
Sec. 06.60.260 Requires a licensee who’s office is located outside of Alaska to make records available at a location within Alaska, or to pay cost incurred to examine at its out of state office.
Sec. 06.60.270 Defines disqualified person and banishes them from most aspects of a licensed office/business.
Sec. 06.60.280 Sets out minimum net worth requirements for licensees.
Sec. 06.60.290 Requires the license be conspicuously posted.
Article 3. Discipline of Licensee.
Sec. 06.60.300 Requires the Division to revoke a license in specific situations.
Sec. 06.60.310 Provides the ability for a licensee to surrender a license and the process, and requires surrender in the event of 12 consecutive months of inactivity.
Sec. 06.60.320 Provides the effect of revocation, suspension, or surrender of a license. Licensee must divest itself of all outstanding loans.
Sec. 06.60.330 Gives the Division authority to reinstate a revoked license.
Sec. 06.60.340 Specifies a requirement and purpose for examination of licensees (at a frequency of at least every 3 years). Also sets out requirement for the Division to be reimbursed for expenses of conducting examinations.
Sec. 06.60.350 Prohibits licensee from knowingly giving false, misleading, or deceptive statements to the Division in the course of an investigation or examination.
Sec. 06.60.360 Provides authority to Division to make rulings, demands, or findings addressing proper conduct of a licensee.
Article 4. Business Duties and Restrictions.
Sec. 06.60.400 Prohibits licensee from making false, misleading, or deceptive statements.
Sec. 06.60.410 Subject a person, if pertinent, to various federal regulations.
Sec. 06.60.420 Enumerates a list of prohibited activities of a licensee for the purpose of consumer protection.
Sec. 06.60.430 Set restrictions for the refinancing of a mortgage loan done within 12 months of its origination for the purpose of additional consumer protection.
Sec. 06.60.440 Requires segregations of escrow accounts and restricts when a licensee can require a borrower to supply escrow funds.
Article 5. Enforcement.
Sec. 06.60.500 This section defines when the Division can issue a “stop” order. If the Division does not act on a request for a hearing, the order is considered rescinded.
Sec. 06.60.510 Provides the process for making the “stop” order to become final.
Sec. 06.60.520 Provides authority and process for the Division to censure, suspend, or bar a licensee, and limits the period covered for such actions period of up to 12 months.
Sec. 06.60.530 Provides specific penalties for licensees conducting business in violation of the Act.
Article 6. Collection of Program Administration Fee.
Sec. 06.60.600 Provides authority for the Division for the contract with a licensee or another person to act as an agent in conjunction collection of a program administration fee, and removes liability of the Division in conjunction for wrong doing of a contract agent.
Sec. 06.60.610 Provides for an agent of Sec. 06.60.600 to retain 25% of collected fees, to transmit collected fees on an annual basis by January 15, and for the Division to assess a penalty for late transmittal of fees to the Division.
Article 7. Miscellaneous Provisions.
Sec. 06.60.700 Triggers the Administrative Procedures Act for actions of the Division taken to deny, revoke, or suspend a license, and for hearings and orders.
Sec. 06.60.710 Gives the Division authority to adopt regulations to implement this chapter.
Sec. 06.60.720 When sections of this Act are preempted by federal law, then federal law applies. When this Act conflicts with another state law, this Act applies.
Article 8. General provisions.
Sec. 06.60.990 Provides definitions for various terms used in this Act.
Sec. 06.60.995 Give short title for this Act as the Mortgage Lending Act of 2006.
Section 2
Amends (a) to add this Act to that section of law.
Section 3
Provides a transition period for the implementation of this Act, giving current business activities subject to this Act, until March 1, 2008 to get licensed.
Section 4
Provided the Division the ability to adopt regulations necessary to implement the changes made by this Act.
Section 5
This makes *Sec. 4 effective immediately.
Section 6
Provides an effective date for the Act of July 1, 2007.
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