(a) If a fund claim dismissed under Alaska Stat. § 06.60.610 results in a monetary award against a mortgage loan originator licensee, the department may pay, subject to Alaska Stat. § 06.60.710 and 06.60.720, any outstanding portion of the small claims judgment from money appropriated to the department for the purpose.
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Terms Used In Alaska Statutes 06.60.700

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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
  • 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.
  • 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) Before making payment under (a) of this section, the person who received the award shall file with the department a copy of the final judgment and an affidavit stating that more than 30 days have elapsed since the judgment became final and that the judgment has not yet been satisfied by the mortgage loan originator licensee against whom the award was made.
(c) After the department pays a small claims judgment under this section, the department is subrogated to the rights of the person to whom the money was awarded under the judgment.
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