Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 14 - Mortgage Lending
Article 6 - Licensee Obligations
3 AAC 14.431 - Closure of office at main address on Form MU1 with surrender of license or registration

(a) If a mortgage licensee or registered depository institution seeks to close but not relocate the office listed at the main address on the Form MU1 and surrender its license or registration, the mortgage licensee or registered depository institution shall provide written notice and a request for approval of the office closure and license or registration surrender directly to the department at least 30 days before the proposed effective date of the office closure and license or registration surrender. The mortgage licensee or registered depository institution shall certify that all mortgage loans will be paid in full or sold before the office closure and or registration surrender and shall acknowledge that the office closure and license or registration surrender will not be approved by the department until all mortgage loans of the mortgage licensee or registered depository institution have been paid in full or sold.

(b) The mortgage licensee shall submit an application for license or registration surrender and office closure to the department through the registry. The department will not approve the application until the mortgage licensee or the registered depository institution has submitted directly to the department

(c) The department approval of a closure of the location of the main address on the Form MU2 and a license or registration surrender is not effective until the department has approved the closure and license or registration surrender in the registry and changed the license or registration status in the registry to "terminated/surrendered."