{"data":{"id":"us-ak/as-06.60.060","jurisdiction":"us-ak","citation":"AS 06.60.060","heading":"Determinations before licensing.","body":"Before granting a license under this chapter, the department shall determine, at a minimum, that\n(1) the applicant has complied with the requirements of this chapter for obtaining the license;\n(2) the applicant, including a control person of the applicant, has\n(A) never had a mortgage lender, mortgage broker, or mortgage loan originator license revoked by a governmental jurisdiction, except that, if a revocation has been formally vacated, the revocation is not considered a revocation under this paragraph; in this paragraph,\n(i) a control person of an applicant for a mortgage license includes an entity over which the control person exercised control at the time of the revocation; and\n(ii) an applicant for a mortgage loan originator license includes an entity over which the applicant exercised control at the time of the revocation;\n(B) not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application, or at any time preceding the date of application if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering; however, if the applicant has been pardoned for the conviction, the conviction is not considered a conviction under this subparagraph;\n(C) demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of this chapter; under this subparagraph,\n(i) an applicant does not show financial responsibility if the applicant has shown inattention to or neglect of the management of the person's own financial condition;\n(ii) a determination that an applicant has not shown financial responsibility may include current outstanding judgments against the applicant, except judgments related solely to a claim related to medical expenses; current outstanding tax liens or other government liens and filings against the applicant; foreclosures of the applicant's property within the three years preceding the date of the application; and a pattern by the applicant of seriously delinquent accounts within the three years preceding the date of the application;\n(3) the applicant for a mortgage loan originator license\n(A) has completed the prelicensing education requirement described in AS 06.60.038;\n(B) has passed a test that meets the requirements described in AS 06.60.040; and\n(C) has paid the fund fee as required by AS 06.60.550; and\n(4) the applicant for a mortgage license has provided a bond as required by AS 06.60.045.","path":["Title 6. Banks and Financial Institutions.","Chapter 60. Mortgage Licensing."],"source_url":"https://www.akleg.gov/basis/statutes.asp#06.60.060","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:15Z","sha256":"2f6498c2c135ae3514f8f7728c288b4689f35fd123e4bc6887e53c88babe2820","source_id":"us-ak","stale":false,"prev":"us-ak/as-06.60.050","next":"us-ak/as-06.60.065-06.60.075"},"notice":"GroundRules: Original legal text. Not legal advice."}