3 AAC 14.431 - Closure of office at main address on Form MU1 with surrender of license or registration

(a) If a mortgage licensee or registered depository institution seeks to close but not relocate the office listed at the main address on the Form MU1 and surrender its license or registration, the mortgage licensee or registered depository institution shall provide written notice and a request for approval of the office closure and license or registration surrender directly to the department at least 30 days before the proposed effective date of the office closure and license or registration surrender. The mortgage licensee or registered depository institution shall certify that all mortgage loans will be paid in full or sold before the office closure and or registration surrender and shall acknowledge that the office closure and license or registration surrender will not be approved by the department until all mortgage loans of the mortgage licensee or registered depository institution have been paid in full or sold.

(b) The mortgage licensee shall submit an application for license or registration surrender and office closure to the department through the registry. The department will not approve the application until the mortgage licensee or the registered depository institution has submitted directly to the department

(1) written verification that 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;

(2) a complete closure report on a form provided by the department; and

(3) written verification that all mortgage loans of the mortgage licensee or the registered depository institution have been paid in full or sold, to be submitted on the letterhead of the business and signed, if the business is

(A) a corporation, by the president or chief executive officer;

(B) a limited liability company, by a member with a majority ownership, or by all members, if the limited liability company does not have a member with a majority ownership;

(C) a partnership, by the general partner or a partner with a majority interest, or by all partners, if the partnership does not have a general partner or partner with a majority interest;

(D) a sole proprietorship, by the sole proprietor.

(c) The department approval of a closure of the location of the main address on the Form MU2 and a license or registration surrender is not effective until the department has approved the closure and license or registration surrender in the registry and changed the license or registration status in the registry to "terminated/surrendered."

Notes

3 AAC 14.431

Eff. 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017

Authority:AS 06.60.090

AS 06.60.097

AS 06.60.130

AS 06.60.910