InfoBytes Blog
Alaska amends provisions regarding mortgage licensing exemptions
On June 28, the Alaska governor signed HB 104, which provides limited exemptions from the state’s licensing requirements for qualifying mortgage lenders, mortgage brokers, and mortgage loan originators. Specifically, the amended exemptions include (i) bona fide nonprofit organizations, as well as employees acting as mortgage loan originators for public or charitable purposes; (ii) individuals operating as registered mortgage loan originators on behalf of exempt depository institutions and their subsidiaries, or institutions regulated by the Farm Credit Administration; (iii) certain sellers who self-finance five or fewer sales and are in compliance with the Act’s requirements; and (iv) employees of exempt federal, state, or local government agencies. Section AS 06.60.015(b)(4) is retroactively effective July 1, 2008. Sections 2, 6, and 7 are effective immediately, with the remainder of HB 104 taking effect January 1, 2020.