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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.14. Mortgage Lending. |
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Article 3.14.2. Registration as a Small Mortgage Lender or Small Mortgage Originator. |
Section 3.14.305. Termination of employment relationship and reactivation.
Latest version.
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(a) If a relationship between a mortgage licensee and a mortgage loan originator is terminated, the mortgage licensee or the mortgage loan originator shall terminate the sponsorship through the registry. The termination is effective when reported to the department through the registry. (b) When a relationship between a mortgage licensee and a mortgage loan originator is terminated, the mortgage loan originator license becomes inactive and the mortgage loan originator may not operate as a mortgage loan originator until the department has (1) approved another sponsorship of the mortgage loan originator's license by the same or another mortgage licensee; and (2) reactivated the mortgage loan originator's license in the registry. (c) To maintain an inactive mortgage loan originator license, a mortgage loan originator licensee must (1) submit a renewal application, when due, with the applicable renewal fee; and (2) satisfy the other requirements under AS 06.60 and this chapter for renewal, including continuing education. (d) The department will not charge a fee for the reactivation of a license that becomes inactive due to a termination of a relationship between a mortgage licensee and a mortgage loan originator.
Authorities
06.60.012;06.60.090;06.60.095;06.60.910