Alaska Statutes 06.60.550 – Required fund fees

(a) A person who applies for or renews a mortgage loan originator license shall pay to the department, in addition to the fees required by Alaska Stat. § 06.60.035, a fund fee established by the department.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 06.60.550

department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
fund: means the mortgage loan originator surety fund established under Alaska Stat. See Alaska Statutes 06.60.990
fund fee: means the fee required to be paid by 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
month: means a calendar month unless otherwise expressed. See Alaska Statutes 01.10.060
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
mortgage loan: means a residential mortgage loan. See Alaska Statutes 06.60.990
mortgage loan originator license: means a license issued to a person to operate as a mortgage loan originator. 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

(b) Every two years, if the department determines that the average balance in the fund during the previous two years was less than $250,000 or more than $500,000, the department shall, unless the department waives the adjustment, adjust the fund fee so that the average balance of the fund during the next two years is anticipated to be an amount that is not less than $250,000 or more than $500,000. In this subsection, “average balance” means the average balance in the fund after the department deducts anticipated expenditures for claims against the fund and for hearing and legal expenses directly related to fund operations and claims.

(c) At least once a month, the department shall pay the fees collected under this section into the general fund. These payments shall be credited to the fund.

(d) Notwithstanding (a) of this section, a mortgage loan originator licensee who obtains an initial mortgage loan originator license when the department has reduced the fund fee to nothing shall nonetheless pay the fund fee established by regulation to the department for the first year of the mortgage loan originator license.

Previous section

Next section

Article 7 Contents