3 AAC 14.430 - Closure of office at main address on Form MU1 without relocation of office or surrender of license or registration
(a) If a mortgage
licensee or a registered depository institution seeks to close but not relocate
the office listed at the main address on the Form MU1 without surrendering its
license or registration, the mortgage licensee or the registered depository
institution shall provide written notice and a request for approval of the
office closure and inactive license or registration directly to the department
at least 30 days before the proposed effective date of the office closure. The
mortgage licensee or the registered depository institution shall certify that
all mortgage loans will be paid in full or sold before the office closure and
inactive status and shall acknowledge to the department that the office closure
and inactive license or registration will not be approved until all mortgage
loans of the mortgage licensee or the registered depository institution have
been paid in full or sold.
(b) If
the department approves the office closure and the inactive mortgage license or
registration, the licensee or the registered depository institution shall
report the post-closure location of books and records and the post-closure
records custodian by submitting an application for amendment of the Form MU1 to
the department through the registry. The department will not approve the office
closure and inactive license or registration unless the mortgage licensee or
the registered depository institution submits written verification to the
department that
(1) all mortgage loans of the
mortgage licensee or the registered depository institution have been paid in
full or sold; and
(2) the books and
records of the office at the main address on the Form MU1 have been transferred
to the post-closure location approved on the Form MU1.
Notes
Authority:AS 06.60.090
AS 06.60.130
AS 06.60.910
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