(a) The department may report a violation of (b) – (e) of this section to the attorney general, who may institute the proper proceedings to enforce the criminal penalties provided in (b) – (e) of this section.

Attorney's Note

Under the Alaska Statutes, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class A misdemeanorup to 1 yearup to $25,000
For details, see Alaska Stat. § 12.55.135
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Terms Used In Alaska Statutes 06.60.370

  • borrower: means an individual who receives a mortgage loan. See Alaska Statutes 06.60.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
  • knowingly: has the meaning given in Alaska Stat. 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
  • 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) A person who knowingly provides false or misleading information to the department that is material under this chapter is guilty of a class A misdemeanor.
(c) A person who knowingly fails to account for or deliver to a person money, deposits, or checks or other forms of negotiable instruments in violation of the provisions of this chapter is guilty of a class A misdemeanor.
(d) A licensee who knowingly fails to disburse money belonging to the borrower without just cause is guilty of a class A misdemeanor.
(e) Unless the person is exempt from licensing under this chapter, a person who knowingly operates in this state as a mortgage lender, mortgage broker, or mortgage loan originator without a license issued under this chapter is guilty of a class A misdemeanor.
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