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Alaska Mortgage Lending Regulation Act(AMLRA), AS 06.60

Alaska Mortgage Lending Regulation Act (AMLRA), AS 06.60, requires mortgage lenders, mortgage brokers, and originators operating in Alaska to become licensed.

On July 1, 2008, the State of Alaska, Division of Corporations, Business and Professional Licensing will begin licensing and regulating mortgage brokers, mortgage lender, and mortgage originators.  The new law as codified in Alaska Statute under title 06.60 will not allow any grandfathering of entities or individuals.

Effective Date of Mortgage Licensing:

  • If you are already operating as a mortgage lender, mortgage broker, or originator, you do not have to be licensed under the AMLRA until March 1, 2009
  • This means that if you are operating as a mortgage lender, mortgage broker, or originator in Alaska on June 30, 2008, you are not required to be licensed until March 1, 2009.
  • If you enter the mortgage business as a lender, broker, or originator in Alaska after June 30, 2008, you are subject to the AMLRA that takes effect on July 1, 2008:
  • This means that if you are not operating as a mortgage lender, mortgage broker, or originator in Alaska on June 30, 2008, you are required to be licensed starting July 1, 2008.
  • The Division of Corporations, Business, and Professional Licensing will consider a person to be operating in Alaska on June 30, 2008, if the person is engaging in business as a mortgage lender, mortgage broker, or originator pursuant to a current Alaska business license issued for that purpose.
  • For example, if an Alaska business license has been issued to a mortgage company prior to June 30, 2008, that would indicate the company was doing business prior to July 1, 2008.

Alaska business licensing requirements can be found at:

Business Licensing

Some highlights of the new law are:

  • All mortgage brokers or lenders that make or provide mortgage loans to Alaska residents shall be required to obtain a license.  This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone.
  • All mortgage originators will be required to pass a background investigation and a competency test prior to providing service to Alaska residents.
  • All mortgage originators will be required to complete 24 hours of continuing education every biennial licensing period.
  • All mortgage originators will be required to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator.
  • The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.
  • Under the AMLRA, mortgage lenders and mortgage brokers must obtain a "mortgage license" and individual originators must obtain an "originator license."
  • An individual who is the principal owner or legally authorized manager of the applicant may apply for a dual license as a mortgage licensee and the single designated originator for the mortgage licensee.

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You Can Contact us at:

Mortgagelending@alaska.gov



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Other application forms may be mailed to you or picked up at a division office. Completed applications must be signed and submitted to the division with the appropriate fees.

 
 

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