(a) A person,
including a sole proprietor or control person of a mortgage licensee or a
registered depository institution, and an individual who works under a mortgage
licensee or a registered depository institution, may not operate in the state
as· a mortgage loan originator with respect to a dwelling or residential
real estate in the state unless licensed by the department as a mortgage loan
originator.
(b) An individual
covered under
AS
06.60.015(b) is exempt from
the licensing requirements of this section
(c) A bona fide nonprofit organization
referenced in
AS
06.60.015(a)(5) and (c) may
submit an application for an exemption registration to the department through
the registry to determine if the organization qualifies for an exemption. In
addition to the information required under
AS
06.60.015(c), an application
for an exemption must contain
(2) a current business
license issued under AS 43.70;
(3)
documentation of the status of a tax-exempt organization under
26 U.S.C.
501(c)(3) (Internal Revenue
Code);
(4) complete and current
articles of incorporation and bylaws, and a certificate of good standing issued
by the domestic state; and if the corporation is not organized in this state, a
copy of the corporation's certificate of authority to transact business in this
state;
(5) policies and procedures
detailing how the organization ensures that the organization and the
organization's mortgage loan originators meet the requirements of
AS
06.60.330;
(6) a list of other trade names if the organization is operating
under a name that is different from the organization's legal name;
(7) details of each mortgage loan program
that is available to consumers; the details of each program must include the
interest rate, terms, underwriting guidelines, flyers, websites where the
program is advertised, and funding source;
(8) a list of mortgage loan originators that
are currently under contract with the organization; for each mortgage loan
originator who is currently under contract with the organization, the
organization shall provide
(A) a list of the
originator's training and education;
(B) the date of the originator's most recent
criminalhistory background check and independent credit report; and
(C) details of the originator's compensation
plan;
(9) documentation
or an explanation of affordable housing promotion or homeownership
education;
(10) organization and
management charts;
(11) a business
plan related to mortgage origination activities;
(12) a list of any consumer complaints
received, resolution of those complaints, and management response; and
(13) any other information that
the department reasonably requires with respect to the
organization.
