Section 3.14.222. Continuing education deficiency.

	(a)  Notwithstanding 3 AAC 14.220(b), a mortgage loan originator licensee who meets the requirements of AS 06.60.087 other than the continuing education requirement of AS 06.60.087(a)(2) may make up the deficiency in continuing education, if the mortgage loan originator licensee,  
		(1) before December 31 of the license period, submits an application for renewal that is complete except for the continuing education information required under AS 06.60.160 and pays all fees for renewal under 3 AAC 14.310;  
		(2) before March 1 of the year following the year the license would otherwise have expired, completes the required continuing education, submits the certification of completion of the continuing education, and pays the late renewal fee under 3 AAC 14.315 to the department through the registry; and  
		(3) continues to meet the minimum standards for renewal until the time the renewal is approved.  
	(b)  If a mortgage loan originator licensee satisfies the requirements of (a)(1) of this section, the department will assign the mortgage loan originator licensee a license status of "approved/deficient," until the mortgage loan originator licensee meets the requirements of (a)(2) and (3) of this section.  
	(c)  If a licensed mortgage loan originator with a continuing education deficiency at the end of the annual licensing period satisfies the requirements of (a)(1) of this section, but does not meet the requirements (a)(2) and (3) of this section for making up a continuing education deficiency before March 1 of the year following the deficiency, the mortgage loan originator license expires on March 1, and mortgage loan originator must apply for a new license.  

Authorities

06.60.160;06.60.085;06.60.087;06.60.910

Notes

Authority

AS 06.60.160 AS 06.60.085 AS 06.60.087 AS 06.60.910

History

Eff. 12/4/2010, Register 196