Alaska Statutes Title 06, Chapter 06.60, Article 07 - Originator Surety Fund

• Sec. 06.60.500 Mortgage Loan Originator Surety Fund.
  The mortgage loan originator surety fund is established as a separate account in the general fund. The purpose of the fund is to pay...
• Sec. 06.60.510 Composition of Fund.
  The fund consists of appropriations of payments made by mortgage loan originator licensees under AS 06.60.550 , filing fees for fund claims retained under...
• Sec. 06.60.520 Use of Fund.
  The legislature may appropriate the money collected in the fund under AS 06.60.510 to the department to implement AS 06.60.500 - 06.60.750, including paying...
• Sec. 06.60.530 Fund Report.
  Every six months, the department shall provide a written report to the director of the office of management and budget on the activities of...
• Sec. 06.60.540 Approval Required. [Repealed, Sec. 87 Ch 61 Sla 2010].
  Repealed or Renumbered
• Sec. 06.60.550 Required Fund Fees.
  (a) A person who applies for or renews a mortgage loan originator license shall pay to the department, in addition to the fees required...
• Sec. 06.60.560 Claim for Reimbursement.
  In addition to any other remedies available to the person, a person may seek reimbursement for a loss suffered in a mortgage loan transaction...
• Sec. 06.60.570 Submission of Fund Claim.
  To seek reimbursement under AS 06.60.560 , a person shall submit a fund claim to the department for the reimbursement on a form furnished...
• Sec. 06.60.580 Form and Contents of Fund Claim.
  The form for a fund claim shall be executed under penalty of unsworn falsification in the second degree and must include(1) the name and...
• Sec. 06.60.590 Claim Hearing.
  Except as otherwise provided by AS 06.60.610 , a hearing on a fund claim shall be handled by the office of administrative hearings (AS
• Sec. 06.60.600 Filing and Distribution of Claim.
  At least 20 days before a hearing is held on the fund claim by the office of administrative hearings (AS 44.64.010 ), the department...
• Sec. 06.60.610 Election to Use Small Claims Court.
  (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...
• Sec. 06.60.620 Filing Fee.
  (a) A person who files a fund claim under AS 06.60.570 shall pay the department a filing fee of $250 when the person files...
• Sec. 06.60.630 Department Contracts.
  When the department receives a fund claim, the department may contract under AS 36.30 (State Procurement Code) with an investigator, an accountant, an attorney,...
• Sec. 06.60.640 Defense of Claim.
  When the department receives a fund claim, the department shall allow each mortgage loan originator licensee against whom the claim is made an opportunity...
• Sec. 06.60.650 Standard of Proof.
  A person who submits a fund claim under AS 06.60.570 bears the burden of establishing by a preponderance of the evidence that the person...
• Sec. 06.60.660 Postponement.
  The department may postpone its consideration of a fund claim until after a hearing under AS 06.60.200 or 06.60.590 or until the completion of...
• Sec. 06.60.670 Nonapplication.
  AS 06.60.630 - 06.60.660 do not apply to a fund claim that is dismissed under AS 06.60.610 .
• Sec. 06.60.680 Findings and Payment.
  (a) At the conclusion of the department's consideration of a claim made under AS 06.60.570 , the department shall issue a written report that...
• Sec. 06.60.690 Fund Operations.
  The department shall deposit into the fund money that the department recovers from a mortgage loan originator licensee under AS 06.60.745. The department may...
• Sec. 06.60.700 Payment of Small Claims Judgment.
  (a) If a fund claim dismissed under AS 06.60.610 results in a monetary award against a mortgage loan originator licensee, the department may pay,...
• Sec. 06.60.710 Maximum Liability.
  (a) Payment of a fund claim may not exceed $15,000 for each claimant and $15,000 for each mortgage loan transaction regardless of the number...
• Sec. 06.60.715 Other Rights of Claimant.
  The rights granted to a claimant under AS 06.60.500 - 06.60.750 do not limit any other cause of action the claimant may have against...
• Sec. 06.60.720 Order of Fund Claim Payment.
  If the money appropriated to the department for payment under AS 06.60.520 - 06.60.750 is insufficient to satisfy an award under AS 06.60.680 for...
• Sec. 06.60.730 False Claims or Documents.
  A person who files a notice, statement, or other document under AS 06.60.500 - 06.60.750 that contains a material misstatement of fact is guilty...
• Sec. 06.60.740 Right to Subrogation.
  When the department has paid to a claimant the sum awarded under AS 06.60.680 or 06.60.700 and any amount due under AS 06.60.720 ,...
• Sec. 06.60.745 Reimbursement for Expenses.
  If the department pays all or a portion of a fund claim against a mortgage loan originator licensee under AS 06.60.680 or 06.60.700, the...
• Sec. 06.60.750 Disciplinary Action Against a Mortgage Loan Originator Licensee.
  Repayment in full of all obligations to the fund does not nullify or modify the effect of disciplinary proceedings brought against a mortgage loan...

Last modified: November 15, 2016