3 AAC 14.434 - Change in control of mortgage licensee

(a) A mortgage licensee shall apply to the department for approval of a change in control of the mortgage licensee. An application for a change in control must be submitted 30 days before the change in control is effective.
(b) If a mortgage licensee seeks approval from the department for a new control person of the licensee, the mortgage licensee must submit a complete set of fingerprints to the department for the proposed new control person of the mortgage licensee.
(c) When a mortgage licensee applies for department approval of a change in control of the mortgage licensee, the mortgage licensee shall pay to the department a fee of $300 per control person. The mortgage licensee must also pay investigative expenses incurred by the department under AS 06.60.130 and 06.60.250, before the department grants or denies the application.
(d) A mortgage licensee shall maintain at least two control persons at all times, unless temporarily waives the requirement of this subsection because circumstances beyond the mortgage licensee's control make only one control person available the department.


3 AAC 14.434
Eff. 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017

Authority:AS 06.60.027

AS 06.60.035

AS 06.60.130

AS 06.60.910

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