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WBK Industry News - State Regulatory Developments

Alaska Amends Rules Implementing Its Secure and Fair Enforcement for Mortgage Licensing Act

The Alaska Department of Commerce, Community, and Economic Development (Department) recently amended its rules implementing the Alaska Secure and Fair Enforcement for Mortgage Licensing Act (Act).  The amendments take effect on February 6, 2020.

The amendments make certain changes to the mortgage license application process under the Act to require, facilitate, and streamline the submission of applications to the Department through the NMLS.  The amendments also provide that a mortgage loan originator (MLO) license applicant must complete an additional 20 hours of approved prelicensing education if they fail to acquire a valid license or federal registration as an MLO within three years from the date of completion of any approved prelicensing education course, or fail to acquire a valid license or federal registration within three years from the last date of licensure or registration as an MLO. 

Additionally, the amendments provide an exemption from the Act’s licensing requirements for bona fide nonprofit organizations, establish the information such organizations must include in their application to the Department for an exemption registration, and specify the requirements that apply to such organizations holding an exemption registration.  The amendments also make various other minor updates and clarifying changes to the licensing and registration rules.