(a) Unless exempt under Alaska Stat. § 06.60.015, a person may not operate in the state as a mortgage lender or mortgage broker with respect to a dwelling located in the state unless the person is licensed as a mortgage lender or mortgage broker under this chapter.

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Terms Used In Alaska Statutes 06.60.010

  • dwelling: means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives. See Alaska Statutes 06.60.990
  • license: means a license issued under this chapter. See Alaska Statutes 06.60.990
  • licensee: means a person who holds a license issued under this chapter. See Alaska Statutes 06.60.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage broker: means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator,
    (A) arranges with a variety of lending sources, including private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans. See Alaska Statutes 06.60.990
  • mortgage license: means a license issued under this chapter to operate as a mortgage lender or a mortgage broker. See Alaska Statutes 06.60.990
  • operate in the state: includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state. See Alaska Statutes 06.60.990
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • registry: means the Nationwide Mortgage Licensing System and Registry. See Alaska Statutes 06.60.990
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • unique identifier: means a number or other identifier assigned to a licensee by protocols established by the registry. See Alaska Statutes 06.60.990
(b) A mortgage lender or mortgage broker required to be licensed under this chapter shall register with the registry and maintain a valid unique identifier issued by the registry.
(c) A mortgage license may cover more than one location of a mortgage licensee.
(d) A person who operates as both a mortgage lender and a mortgage broker is only required to obtain one mortgage license.