Section 3.14.430. Closure of office at main address on Form MU1 without relocation of office or surrender of license.

	(a)  If a mortgage licensee seeks to close but not relocate the office listed at the main address on the Form MU1 without surrendering its license, the mortgage licensee must provide written notice and a request for approval of the office closure and inactive license directly to the department at least 30 days before the proposed effective date of the office closure. The mortgage licensee must certify that all mortgage loans will be paid in full or sold before the office closure and inactive status and must acknowledge to the department that the office closure and inactive license will not be approved until all mortgage loans of the mortgage licensee have been paid in full or sold.  
	(b)  If the department approves the office closure and the inactive mortgage license, the licensee shall report the post-closure location of books and records and the post-closure records custodian by submitting an application for amendment of the Form MU1 to the department through the registry. The department will not approve the office closure and inactive license unless the mortgage licensee submits written verification to the department that  
		(1) all mortgage loans of the mortgage licensee have been paid in full or sold; and  
		(2) the books and records of the office at the main address on the Form MU1 have been transferred to the post-closure location approved on the Form MU1.  

Authorities

06.60.090;06.60.130;06.60.910

Notes

Authority

AS 06.60.090 AS 06.60.130 AS 06.60.910

History

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