(a) A license may become inactive under this section.
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Terms Used In Alaska Statutes 06.60.090

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Alaska Statutes 06.60.990
  • department: means the Department of Commerce, Community, and Economic Development. 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 licensee: means a person who holds a mortgage license. See Alaska Statutes 06.60.990
  • operate: means hold out, do business, offer to provide services, or provide services. 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
  • 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
(b) To be eligible to have a mortgage license become inactive, all mortgage loans of a licensee must have been paid in full or sold.
(c) For a license to become inactive, a licensee shall provide the department with a written request that the license become inactive. The request must include the licensee’s name, the licensee’s address, and other information the department requires to process the request. If the request is made by mortgage licensee, the request must include a statement by the mortgage licensee that all mortgage loans of the mortgage licensee have been paid in full or sold.
(d) The department shall issue an inactive license certificate to a person whose license becomes inactive under this section.
(e) If a person holds a license that becomes inactive under this section, the person may not operate as a mortgage lender, mortgage broker, or mortgage loan originator under the license in this state until the license is reactivated.
(f) If a license becomes inactive under this section, the license remains inactive until the license expires, the person surrenders the license, or the department approves the reactivation of the license, whichever event occurs first. The licensee’s request for reactivation must include the information that the department requires to process the request.
(g) While a license is inactive under this section, the person holding the inactive license shall

(1) pay the annual license fee as required by Alaska Stat. § 06.60.035;
(2) inform the department of any change that occurs in the name and address of the person, the location of the person’s business, or the business operations or control of the person;
(3) maintain the bond required by Alaska Stat. § 06.60.045; and
(4) file the annual report required by Alaska Stat. § 06.60.100(a).
(h) Notwithstanding Alaska Stat. § 06.60.120, while a license is inactive under this section, the person who holds the license may not transfer the license to another person.
(i)[Repealed, Sec. 87 ch 61 SLA 2010].
(j) While a license is inactive under this section, the person holding the inactive license shall continue to maintain records as required by Alaska Stat. § 06.60.135 for the business transactions of the person that occurred before the license became inactive.
(k) While a license is inactive under this section, the department may take action against the license, the person holding the inactive license, or both for noncompliance with this chapter before the license became inactive or for noncompliance with this section while the license is inactive.
(l) A licensee whose license lapses under this chapter is not eligible for an inactive license under this section unless the license is reactivated under Alaska Stat. § 06.60.095.
(m) A person holding a license that is inactive under this section may not engage in activities for which the license is required, but may receive commissions or other payments from a person who contracted with or employed the licensee for services, if the services were performed while the licensee was actively licensed.
(n) Except as otherwise provided in this section and by regulations adopted by the department, the provisions of this chapter do not apply to a person holding an inactive license under this section.
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