Section 3 AAC 14.425 - Branch office registration(a) Before engaging in activities for which a license is required under AS 06.60 at a branch office, a mortgage licensee and a registered depository institution must register the branch office with the department through the registry. To apply for the registration of a branch office, a mortgage licensee or a registered depository institution shall submit to the department through the registry (2) an application fee of $200;(3) an annual registration fee of $300; and(4) investigative expenses incurred by the department under AS 06.60.250.(b) A mortgage licensee or a registered depository institution shall identify a branch manager on the Form MU3 for each branch office. A branch manager identified on the Form MU3 shall submit to the department through the registry a complete Form MU2.(c) A mortgage licensee or a registered depository institution shall identify on the Form MU3 the company name and address for the location where the books and records of a branch office are maintained. The records custodian reported on the Form MU3 must be an individual with authority on behalf of the mortgage licensee to answer inquiries from the department about the location of books and records of the branch office and to provide the department with access to a storage location.(d) A branch office registration remains in effect no later than December 31 of the year in which the registration is approved by the department, except that an initial or renewed branch office registration approved by the department between November 1 and December 31 will remain in effect no later than December 31 of the following year, unless the registration is revoked, suspended, or surrendered under this chapter.(e) To renew a branch office registration a mortgage licensee or a registered depository institution shall submit to the department through the registry (1) an application to renew the branch office registration;(2) a branch office annual registration fee of $300; and(3) investigative expenses incurred by the department under AS 06.60.250.(f) If a mortgage licensee or a registered depository institution does not submit an application for renewal of the branch office registration and pay the registration renewal fee under (e) of this section to the department through the registry on or before December 31 of the annual registration period, the department will assign a status of "terminated/failed to renew" to the registry record of the branch office registration, and the mortgage licensee or a registered depository institution may not conduct activities for which a license or registration is required under AS 06.60 at the branch office after December 31 of the annual registration period. To be eligible for a late renewal of the branch office registration, the mortgage licensee or the registered depository institution must pay a late registration renewal fee of $250 and submit all information and any other payment required for registration renewal, including the reasonable costs under AS 06.60.250 of any investigation, before March 1 of the year following the annual registration period. The mortgage licensee or the registered depository institution may resume activities for which a license or a registration is required under AS 06.60 at the branch office when the department has approved the late renewal of the branch office registration in the registry. If a mortgage licensee or a registered depository institution does not pay the late branch registration renewal fee and submit all information and other payment required for renewal before March 1 of the year following the annual registration period, the department will deny the renewal of the branch registration and change the branch office registration status to "terminated/expired."(g) If a mortgage licensee or a registered depository institution submits an application for branch office registration renewal and a registration renewal fee under (e) of this section to the department through the registry on or before December 31 of the annual registration period, the mortgage licensee or the registered depository institution may continue to conduct activities for which a license or registration is required under AS 06.60 at the branch office until the branch office registration renewal is denied. A registration renewal is effective on January 1 of the renewed annual registration period, even if granted after December 31 of the previous annual registration period. If a mortgage licensee or a registered depository institution fails to submit all information and payments required for branch office registration renewal before March 1 of the year following the annual registration period or otherwise fails to meet the requirements for branch office registration renewal, the department will deny the branch office registration renewal and change the branch office registration status to "terminated/expired."(h) After a branch office registration status is changed to "terminated/expired," a branch office registration may not be renewed and a mortgage licensee or a registered depository institution shall submit a new application for branch office registration and pay the fees and costs for an initial branch office registration, if the mortgage licensee or the registered depository institution seeks to conduct activities for which a license or a registration is required under AS 06.60 at the branch office.(i) A branch office registration may be issued only in the name in which the mortgage licensee is licensed or the registered depository institution is registered to conduct business at the main address reported on the Form MU1.(j) A mortgage licensee or a registered depository institution is responsible for and shall supervise all business operations subject to AS 06.60 and this chapter at a branch office of the mortgage licensee or the registered depository institution.(k) If a mortgage loan originator conducts the majority of activities of a mortgage loan originator from the mortgage loan originator's home or other location, the mortgage licensee or the registered depository institution that sponsors the mortgage loan originator shall register the mortgage loan originator's home or other location as a branch office.(l) Fees under this section are nonrefundable. (m) Nothing in this section relieves an applicant from the obligation to pay processing or other fees that the registry sets for services that the registry provides.Eff. 7/1/2008, Register 186; am 7/24/2009, Register 191; am 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017Authority:AS 06.60.035
AS 06.60.110
AS 06.60.112
AS 06.60.115
AS 06.60.910