Section 3 AAC 14.305 - Termination of employment relationship and reactivation(a) If a relationship between a mortgage licensee or a registered depository institution and a mortgage loan originator is terminated, the mortgage licensee, the registered depository institution, or the mortgage loan originator shall terminate the sponsorship through the registry. The termination is effective when reported to the department through the registry.(b) When a relationship between a mortgage licensee or a registered depository institution and a mortgage loan originator is terminated, the mortgage loan originator license becomes inactive and the mortgage loan originator may not operate as a mortgage loan originator until the department has (1) approved another sponsorship of the mortgage loan originator's license by the same or another mortgage licensee or registered depository institution; and(2) reactivated the mortgage loan originator's license in the registry.(c) To maintain an inactive mortgage loan originator license, a mortgage loan originator licensee must (1) submit a renewal application, when due, with the applicable renewal fee; and(2) satisfy the other requirements under AS 06.60 and this chapter for renewal, including continuing education.(d) The department will not charge a fee for the reactivation of a license that becomes inactive due to a termination of a relationship between a mortgage licensee or a registered depository institution and a mortgage loan originator.Eff. 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017Authority:AS 06.60.012
AS 06.60.090
AS 06.60.095
AS 06.60.910