(a) A license may become inactive under this section.
(b) To be eligible to have a mortgage license become inactive, all mortgage loans of a licensee must have been paid in full or sold.
(c) For a license to become inactive, a licensee shall provide the department with a written request that the license become inactive. The request must include the licensee's name, the licensee's address, and other information the department requires to process the request. If the request is made by mortgage licensee, the request must include a statement by the mortgage licensee that all mortgage loans of the mortgage licensee have been paid in full or sold.
(d) The department shall issue an inactive license certificate to a person whose license becomes inactive under this section.
(e) If a person holds a license that becomes inactive under this section, the person may not operate as a mortgage lender, mortgage broker, or mortgage loan originator under the license in this state until the license is reactivated.
(f) If a license becomes inactive under this section, the license remains inactive until the license expires, the person surrenders the license, or the department approves the reactivation of the license, whichever event occurs first. The licensee's request for reactivation must include the information that the department requires to process the request.
(g) While a license is inactive under this section, the person holding the inactive license shall
(1) pay the annual license fee as required by AS 06.60.035 ;
(2) inform the department of any change that occurs in the name and address of the person, the location of the person's business, or the business operations or control of the person;
(3) maintain the bond required by AS 06.60.045 ; and
(4) file the annual report required by AS 06.60.100 (a).
(h) Notwithstanding AS 06.60.120 , while a license is inactive under this section, the person who holds the license may not transfer the license to another person.
(i) [Repealed, Sec. 87 ch 61 SLA 2010].
(j) While a license is inactive under this section, the person holding the inactive license shall continue to maintain records as required by AS 06.60.135 for the business transactions of the person that occurred before the license became inactive.
(k) While a license is inactive under this section, the department may take action against the license, the person holding the inactive license, or both for noncompliance with this chapter before the license became inactive or for noncompliance with this section while the license is inactive.
(l) A licensee whose license lapses under this chapter is not eligible for an inactive license under this section unless the license is reactivated under AS 06.60.095 .
(m) A person holding a license that is inactive under this section may not engage in activities for which the license is required, but may receive commissions or other payments from a person who contracted with or employed the licensee for services, if the services were performed while the licensee was actively licensed.
(n) Except as otherwise provided in this section and by regulations adopted by the department, the provisions of this chapter do not apply to a person holding an inactive license under this section.
Section: Previous 06.60.080 06.60.085 06.60.087 06.60.090 06.60.095 06.60.097 NextLast modified: November 15, 2016