Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 60. Mortgage Lending Regulation Act
Section 990. Definitions. [Effective July 1, 2008]..
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AS 06.60.990. Definitions. [Effective July 1, 2008]..

In this chapter, unless the context otherwise requires,

(1) "agent" does not include a person who is a state employee when acting in the capacity of a state employee;

(2) "borrower" means an individual who receives a mortgage loan;

(3) "broker" means to operate as a mortgage broker;

(4) "control," except as provided in AS 06.60.065 , means

(A) the ownership of, or the power to vote, directly or indirectly, at least 25 percent of a class of voting securities or voting interests;

(B) the power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority; or

(C) the power to exercise, directly or indirectly, a controlling influence over management or policies or person in control;

(5) "department" means the Department of Commerce, Community, and Economic Development;

(6) "escrow account" means an account

(A) to which a borrower makes payments for obligations related to the real property that is the subject of a mortgage loan of the borrower;

(B) held by a third person; and

(C) from which the third person identified in (B) of this paragraph disburses money in accordance with a written agreement to pay obligations related to the real property that is the subject of a mortgage loan of the borrower;

(7) "fund" means the originator surety fund established by AS 06.60.500;

(8) "fund claim" means a claim authorized under AS 06.60.560 ;

(9) "fund fee" means the fee that is required to be paid by AS 06.60.550;

(10) "knowingly" has the meaning given in AS 11.81.900 ;

(11) "license" means a license issued under this chapter;

(12) "licensee" means a person who holds a license issued under this chapter;

(13) "mortgage broker" means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or an originator who is an employee or under exclusive contract to the person,

(A) arranges with a variety of lending sources, who may be private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans; or

(B) assists or offers to assist a borrower or potential borrower to obtain financing for mortgage loans;

(14) "mortgage lender" means a person who consummates and funds a mortgage loan and who is named as the payee in the promissory note and as the beneficiary of the deed of trust; "mortgage lender" does not include a subsequent purchaser of a mortgage loan or an interest in a mortgage loan that is originated by a licensee under this chapter;

(15) "mortgage lender license" means a license issued under this chapter to operate as a mortgage lender;

(16) "mortgage lender licensee" means a person who holds a mortgage lender license;

(17) "mortgage license" means a mortgage lender license or a mortgage broker license;

(18) "mortgage licensee" means a mortgage lender licensee or a mortgage broker licensee;

(19) "mortgage loan"

(A) means a loan made to an individual if the proceeds are to be used primarily for personal, family, or household purposes and if the loan is secured by a mortgage or deed of trust on an interest in a residential owner-occupied property for one to four family units located in the state and regardless of where the loan is made;

(B) includes the renewal or refinancing of a loan;

(C) does not include loans

(i) or extensions of credit to buyers of real property for a part of the purchase price of the property by persons selling the property owned by them;

(ii) to persons related to the lender by blood or marriage;

(iii) to persons who are employees of the lender; or

(iv) made primarily for a business, commercial, or agricultural purpose of the borrower or for construction of residential property;

(20) "operate" means do business, offer to provide, or provide;

(21) "originator"

(A) means a natural person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, or in person,

(i) interviews the consumer in connection with the consumer's application for a mortgage loan;

(ii) accepts or offers to accept an application for a mortgage loan from a potential borrower;

(iii) solicits or offers to solicit a mortgage loan for a potential borrower;

(iv) negotiates or offers to negotiate the terms or conditions of a mortgage loan with or for a borrower or potential borrower; or

(v) issues or offers to issue to borrowers, potential borrowers, or the representatives of borrowers or potential borrowers, mortgage loan commitments, interest rate agreements, interest rate guarantees, prequalification letters, or commitments to finance up to a stated amount of the value of real property, or 90-percent letters to finance up to a stated amount of the value of real property;

(B) does not include employees of a mortgage licensee, or employees of a person who is exempt from licensure under AS 06.60.015 , who perform clerical duties in connection with mortgage loan transactions, collect financial information and other related documents that are part of the application process, order verifications of employment, verifications of deposits, requests for mortgage payoffs, and other loan verifications, appraisals, inspections, or engineering reports, or perform the functions of a mortgage loan processor, at the direction of and subject to the supervision of the mortgage licensee, a mortgage originator, or the person exempt from licensure;

(22) "originator license" means a license issued to a person to operate as an originator;

(23) "originator licensee" means a person who holds an originator license;

(24) "program administration fee" means the fee described under AS 06.60.800(a);

(25) "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;

(26) "residential property" means improved real property used or occupied, or intended to be used or occupied, for residential purposes;

(27) "small mortgage lender" means a person registered under AS 06.60.017.

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