Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 14 - Mortgage Lending
Article 5 - License Duration, Renewal, Inactivity, and Surrender
3 AAC 14.315 - License termination and late renewal

(a) If a licensee does not submit an application for renewal and pay the renewal fees under 3 AAC 14.310 to the department through the registry on or before December 31 of the annual licensing period, the department will assign a license status of "terminated/failed to renew" to the record of the licensee in the registry, and the licensee may not conduct activities for which a license is required under AS 06.60 after December 31 of the annual licensing period. To be eligible for a late renewal of a license, a licensee must pay a late renewal fee of $250 and submit all information and payment required for renewal, including the reasonable costs under AS 06.60.250 of any investigation, before March 1 of the year following the annual licensing period. The late renewal fees under this subsection are $500 for a mortgage licensee and $250 for a mortgage loan originator. A licensee may resume activities for which a license is required under AS 06.60 when the department has approved the delayed renewal of the license in the registry. If a licensee does not pay the delayed renewal fee and submit all information and other payment required for renewal before March 1 of the year following the annual licensing period, the department will deny the late renewal and change the license status to "terminated/expired."

(b) If a licensee submits an application for renewal and renewal fees under 3 AAC 14.310 to the department through the registry on or before December 31 of the annual licensing period, the licensee may continue to operate under the license until the renewal is denied. A renewal is effective on January 1 of the renewed annual licensing period, even if granted after December 31 of the previous annual licensing period. If a licensee fails to submit all information and payment required for renewal before March 1 of the year following the annual licensing period or otherwise fails to meet the requirements for renewal, the department will deny the renewal and change the license status to "terminated/expired."

(c) After a license status is changed to "terminated/expired," a license will not be renewed and the former licensee must submit a new application for licensure and pay the fees and costs for initial licensure, if the former licensee seeks to conduct activities for which a license is required under AS 06.60.