Section 3.14.425. Branch office registration.

	(a)  Before engaging in activities for which a license is required under AS 06.60  at a branch office, a mortgage licensee must register the branch office with the department through the registry. To apply for the registration of a branch office, a mortgage licensee must submit to the department through the registry  
		(1) Form MU3;  
		(2) an application fee of $150;  
		(3) an annual registration fee of $250; and  
		(4) investigative expenses incurred by the department under AS 06.60.250.  
	(b)  The mortgage licensee must identify a branch manager on the Form MU3 for each branch office. A branch manager identified on the Form MU3 must submit to the department through the registry a complete Form MU2.  
	(c)  A mortgage licensee must identify on the Form MU3 the company name and address for the location where the books and records of a branch office are maintained. The records custodian reported on the Form MU3 must be an individual with authority on behalf of the mortgage licensee to answer inquiries from the department about the location of books and records of the branch office and to provide the department with access to a storage location.  
	(d)  A branch office registration remains in effect no later than December 31 of the year in which the registration is approved by the department, except that an initial or renewed branch office registration approved by the department between November 1 and December 31 will remain in effect no later than December 31 of the following year, unless the registration is revoked, suspended, or surrendered under this chapter.  
	(e)  To renew a branch office registration a mortgage license must submit to the department through the registry  
		(1) an application to renew the branch office registration;  
		(2) a branch office annual registration fee of $250; and  
		(3) investigative expenses incurred by the department under AS 06.60.250.  
	(f)  If a mortgage licensee does not submit an application for renewal of the branch office registration and pay the registration renewal fee under (e) of this section to the department through the registry on or before December 31 of the annual registration period, the department will assign a status of "terminated/failed to renew" to the registry record of the branch office registration, and the mortgage licensee may not conduct activities for which a license is required under AS 06.60  at the branch office after December 31 of the annual registration period. To be eligible for a delayed renewal of the branch office registration, the mortgage licensee must pay a delayed registration renewal fee of $125 and submit all information and any other payment required for registration renewal, including the reasonable costs under AS 06.60.250 of any investigation, before March 1 of the year following the annual registration period. The mortgage licensee may resume activities for which a license is required under AS 06.60  at the branch office when the department has approved the delayed renewal of the branch office registration in the registry. If a mortgage licensee does not pay the delayed branch registration renewal fee and submit all information and other payment required for renewal before March 1 of the year following the annual registration period, the department will deny the renewal of the branch registration and change the branch office registration status to "terminated/expired."  
	(g) If a mortgage licensee submits an application for branch office registration renewal and a registration renewal fee under (e) of this section to the department through the registry on or before December 31 of the annual registration period, the mortgage licensee may continue to conduct activities for which a license is required under AS 06.60  at the branch office until the branch office registration renewal is denied. A registration renewal is effective on January 1 of the renewed annual registration period, even if granted after December 31 of the previous annual registration period. If a mortgage licensee fails to submit all information and payments required for branch office registration renewal before March 1 of the year following the annual registration period or otherwise fails to meet the requirements for branch office registration renewal, the department will deny the branch office registration renewal and change the branch office registration status to "terminated/expired."  
	(h)  After a branch office registration status is changed to "terminated/expired," a branch office registration may not be renewed and a mortgage licensee must submit a new application for branch office registration and pay the fees and costs for an initial branch office registration, if the mortgage licensee seeks to conduct activities for which a license is required under AS 06.60  at the branch office.  
	(i)  A branch office registration may be issued only in the name in which the mortgage licensee is licensed to conduct business at the main address reported on the Form MU1.  
	(j)  A mortgage licensee is responsible for and shall supervise all business operations subject to AS 06.60  and this chapter at a branch office of the mortgage licensee.  

Authorities

06.60.035;06.60.110;06.60.112;06.60.115;06.60.910

Notes

Authority

AS 06.60.035 AS 06.60.110 AS 06.60.112 AS 06.60.115 AS 06.60.910

History

Eff. 7/1/2008, Register 186; am 7/24/2009, Register 191; am 12/4/2010, Register 196