(a) Within 30 days after receiving a copy of a fund claim under AS 06.60.600 , a mortgage loan originator licensee against whom a claim is made may elect to defend the fund claim as a small claims action in district court under District Court Rules of Civil Procedure if the claim does not exceed the small claims jurisdictional limit.
(b) A mortgage loan originator licensee who elects under (a) of this section to defend a fund claim in district court under the small claims rules may not revoke the election without the consent of the person who filed the fund claim.
(c) On receipt of a valid written election under (a) of this section, the department shall dismiss the fund claim filed with the department and notify the person who filed the fund claim that the person who filed the fund claim must bring a small claims action in the appropriate district court.
Section: Previous 06.60.540 06.60.550 06.60.560 06.60.570 06.60.580 06.60.590 06.60.600 06.60.610 06.60.620 06.60.630 06.60.640 06.60.650 06.60.660 06.60.670 06.60.680 NextLast modified: November 15, 2016