3 AAC 14.415 - Supervision required
(a) A mortgage licensee shall supervise all
operations and personnel at its principal office and any branch offices to
ensure compliance with AS 06.60 and this chapter. A mortgage licensee or a
registered depository institution shall diligently supervise each person
operating as a mortgage loan originator for the mortgage licensee or for the
registered depository institution, whether under an exclusive contract or as an
employee.
(b) A mortgage licensee
or a registered depository institution shall
(1) establish, maintain, and enforce
procedures to supervise the activities of all personnel, including persons
operating as mortgage loan originators on behalf of the mortgage licensee or of
the registered depository institution;
(2) monitor and review the activities of all
personnel at each business location, including persons operating as mortgage
loan originators on behalf of the mortgage licensee or of the registered
depository institution, to ensure compliance with AS 06.60 and this chapter;
and
(3) ensure that each mortgage
loan originator working on behalf of the mortgage licensee or of the registered
depository institution has the training and education needed to comply with AS
06.60 and this chapter.
(c) A mortgage licensee and a registered
depository institution shall ensure that _if a mortgage loan originator's home
or other location is used to conduct the majority of activities of a mortgage
loan originator that the mortgage loan originator's home or other location is
registered as a branch office for the mortgage licensee or the registered
depository institution.
Notes
Authority:AS 06.60.012
AS 06.60.159
AS 06.60.910
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.