Section 3.14.054. Financial statement to be submitted with mortgage license application.

	(a)  An applicant for a mortgage license must submit an unaudited financial statement for the preceding fiscal year prepared under generally accepted accounting principles.  
	(b)  The financial statement described under (a) of this section must  
		(1) be prepared no earlier than 12 months before the date the department receives the initial application and no later than 90 days after the end of the applicant's fiscal year; and  
		(2) include at least a balance sheet and an income statement and notes relevant to each component, except that if the applicant is licensed or is applying in one or more jurisdictions in addition to this state, the applicant must submit to the department the highest level financial statement required by any jurisdiction to which the applicant is applying or in which the applicant is licensed.  
	(c)  The levels of financial statement are  
		(1) at the lowest level, an unaudited financial statement;  
		(2) at the second lowest level, an unaudited and compiled financial statement;  
		(3) at the second highest level, an unaudited and reviewed financial statement; and  
		(4) at the highest level, an audited financial statement.  
	(d)  A financial statement prepared by a parent company of an applicant as a consolidated financial statement for the parent company and its subsidiaries is not acceptable as a financial statement of the applicant. In this subsection, "parent company" means a company that controls management and operations of another firm.  
	(e)  in this section,  
		(1) "audited financial statement" means a financial statement  
			(A) that is certified by a certified public accountant; and  
			(B) the contents of which include a balance sheet, cash flow statement, and income statement;  
		(2) "unaudited and compiled financial statement" means a financial statement for which the financial data have been assembled by a certified public accountant but not reviewed for accuracy;  
		(3) "unaudited and reviewed financial statement" means an unaudited financial statement for which the financial data have been reviewed for accuracy by a certified public accountant;  
		(4) "unaudited financial statement" means a financial statement in which the balance sheet, cash flow statement, or income statement has not been audited,  

Authorities

06.60.020;06.60.060;06.60.910

Notes

Reference

3 AAC 14.055
3 AAC 14.411

Authority

AS 06.60.020 AS 06.60.060 AS 06.60.910

History

Eff. 12/4/2010, Register 196