Section 3.14.431. Closure of office at main address on Form MU1 with 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 and surrender its license, the mortgage licensee must provide written notice and a request for approval of the office closure and license surrender directly to the department at least 30 days before the proposed effective date of the office closure and license surrender. The mortgage licensee must certify that all mortgage loans will be paid in full or sold before the office closure and license surrender and must acknowledge that the office closure and license surrender will not be approved by the department until all mortgage loans of the mortgage licensee have been paid in full or sold.  
	(b)  The mortgage licensee must submit an application for license surrender and office closure to the department through the registry. The department will not approve the application until the mortgage licensee has submitted directly to the department  
		(1) written verification that 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;  
		(2) a complete closure report on a form provided by the department; and  
		(3) written verification that all mortgage loans of the mortgage licensee have been paid in full or sold, to be submitted on the letterhead of the business and signed, if the business is  
			(A) a corporation, by the president or chief executive officer;  
			(B) a limited liability company, by a member with a majority ownership, or by all members, if the limited liability company does not have a member with a majority ownership;  
			(C) a partnership, by the general partner or a partner with a majority interest, or by all partners, if the partnership does not have a general partner or partner with a majority interest;  
			(D) a sole proprietorship, by the sole proprietor.  
	(c)  The department approval of a closure of the location of the main address on the Form MU2 and a license surrender is not effective until the department has approved the closure and license surrender in the registry and changed the license status in the registry to "terminated/surrendered."  

Authorities

06.60.090;06.60.097;06.60.130;06.60.910

Notes

Authority

AS 06.60.090 AS 06.60.097 AS 06.60.130 AS 06.60.910

History

Eff. 12/4/2010, Register 196