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(a) A disqualified person may not be an officer, a director, a partner, a member, a sole proprietor, a trustee, or an employee of a mortgage licensee or hold another position with similar responsibilities with the organization of a mortgage licensee. In this subsection, "employee" means an individual who negotiates an agreement with a member of the public for the mortgage licensee or who has access to, or responsibility for, escrow accounts or escrow money held by the mortgage licensee.
(b) A mortgage licensee may not permit a disqualified person to obtain an ownership interest in a mortgage licensee's business without the prior written approval of the department.
(c) Before a person may obtain an ownership interest in a mortgage licensee's business, the person shall authorize the department to access the person's criminal history information in any state or federal court to determine whether the person is a disqualified person.
(d) In this section,
(1) "disqualified person" means a person who is not a licensee;
(2) "ownership interest" means an ownership interest of
(A) 10 percent or more, if the mortgage licensee is a corporation with fewer than 75 shareholders;
(B) more than 50 percent, if the mortgage licensee is a corporation with 75 or more shareholders or a limited liability company.
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Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.