Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
Originator licensing becomes effective July 1, 2008.

What are lenders, brokers and loan officers called?
Alaska uses the terms mortgage broker, mortgage lender and mortgage originator.

What is the cost of a license? Surety bond? Are there net worth requirements?
On July 1, 2008, the State of Alaska, Division of Corporations, Business and Professional Licensing will begin licensing and regulating mortgage brokers, mortgage lender, and mortgage originators.

The new law will not allow any grandfathering of entities or individuals. However, persons engaged in business as of the effective date of July 1, 2008 have until March 1, 2009 to obtain a license.

All mortgage brokers or lenders that make or provide mortgage loans to Alaska residents shall be required to obtain a license. This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone.

All mortgage originators will be required to pass a background investigation and a competency test prior to providing service to Alaska residents.

All mortgage originators will be required to complete 24 hours of continuing education every biennial licensing period and to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator.

The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.

Proposed mortgage regulations have been issued but not finalized.

Is there a pre-licensing education requirement? Is there a test?
Not in effect yet.

Is there a CE requirement?
There will be a 24 hour CE requirement every 2 years(2010) when the licensing act takes effect.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
N/A until the licensing act takes effect.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Alaska has no statutory reference to wet settlement or good funds.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
No.

Who is the regulator and what is their contact information?
Department of Community & Economic Development
Division of Banking & Securities
P.O. Box 110807
Juneau, AK 99811-0807
Phone: (907) 465-2521
Fax: (907) 465-2549
http://www.commerce.state.ak.us
DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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