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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 3.14.315. License termination and delayed renewal.
Latest version.
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(a) If a licensee does not submit an application for renewal and pay the renewal fees under 3 AAC 14.310 to the department through the registry on or before December 31 of the annual licensing period, the department will assign a license status of "terminated/failed to renew" to the record of the licensee in the registry, and the licensee may not conduct activities for which a license is required under AS 06.60 after December 31 of the annual licensing period. To be eligible for a delayed renewal of a license, a licensee must pay a delayed renewal fee of $250 and submit all information and payment required for renewal, including the reasonable costs under AS 06.60.250 of any investigation, before March 1 of the year following the annual licensing period. A licensee may resume activities for which a license is required under AS 06.60 when the department has approved the delayed renewal of the license in the registry. If a licensee does not pay the delayed renewal fee and submit all information and other payment required for renewal before March 1 of the year following the annual licensing period, the department will deny the delayed renewal and change the license status to "terminated/expired." (b) If a licensee submits an application for renewal and renewal fees under 3 AAC 14.310 to the department through the registry on or before December 31 of the annual licensing period, the licensee may continue to operate under the license until the renewal is denied. A renewal is effective on January 1 of the renewed annual licensing period, even if granted after December 31 of the previous annual licensing period. If a licensee fails to submit all information and payment required for renewal before March 1 of the year following the annual licensing period or otherwise fails to meet the requirements for renewal, the department will deny the renewal and change the license status to "terminated/expired." (c) After a license status is changed to "terminated/expired," a license will not be renewed and the former licensee must submit a new application for licensure and pay the fees and costs for initial licensure, if the former licensee seeks to conduct activities for which a license is required under AS 06.60.
Authorities
06.60.085;06.60.090;06.60.910