Section 06.60.012 - Mortgage loan originator license required(a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter.(b) An individual required to be licensed as a mortgage loan originator shall (1) register with the registry and maintain a valid unique identifier issued by the registry;(2) work under (A) an exclusive contract for, or as an employee of, a mortgage licensee; or(B) an exclusive contract for a registered depository institution; and(3) be sponsored in the registry by a mortgage licensee under a sponsorship approved in the registry by the department or be sponsored by a registered depository institution under AS 06.60.014; in this paragraph, "sponsored" means authorized to conduct business as a mortgage loan originator under the supervision of a mortgage licensee or a registered depository institution.Amended by SLA 2016, ch. 51,sec. 1, eff. 1/1/2017.