3 Alaska Admin. Code § 14.515

Current through September 25, 2024

Section 3 AAC 14.515 - Unfair or deceptive mortgage loan practices

Unfair or deceptive acts or practices under AS 06.60.340 include

(1) charging a prepayment penalty that violates AS 45.45.010(g);

(2) failing to give to the borrower or the borrower's attorney the time and reasonable opportunity to review each document that relates to a mortgage loan and is required by this chapter or other applicable law before the disbursement of the mortgage loan money, unless the borrower signs a waiver of the right to receive the time and opportunity for review before disbursement;

(3) accepting any fees required to be disclosed by applicable law that are not disclosed in accordance with applicable law;

(4) refusing to permit a borrower to be represented by the attorney of the borrower's choice in any part of the process of obtaining a mortgage loan;

(5) for a mortgage broker, engaging the services of another mortgage broker who will charge the borrower an additional fee without obtaining in advance the written permission of the borrower to charge that fee, or without specifying the amount of that fee in writing;

(6) directly or indirectly, regardless of the receipt or the expectation of receipt of compensation from the contractor,

(A) providing loan application documents to a home improvement contractor for use by that contractor in connection with the financing by mortgage loans of home improvement contracts;

(B) using a home improvement contractor as an agent for the business of the person subject to AS 06.60.340; or

(C) accepting a mortgage application from a contractor on behalf of a third party.

(7) conducting loan modification without servicing rights;

(8) conducting foreclosure relief services for a fee without a mortgage license; and

(9) conducting the majority of activities for which a license is required under AS 06.60 at a location that is not the main office or registered as a branch office under 3 AAC 14.425.

3 AAC 14.515

Eff. 7/1/2008, Register 186; am 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017

Authority:AS 06.60.340

AS 06.60.910