Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 60. Mortgage Lending Regulation Act
Section 200. Disciplinary Action. [Effective July 1, 2008]..
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AS 06.60.200. Disciplinary Action. [Effective July 1, 2008]..

(a) In addition to any other disciplinary action allowed under this chapter, the department may suspend or revoke a license or a registration under AS 06.60.017 or take other disciplinary action against a licensee or small mortgage lender, including action under AS 06.01 or a regulation adopted under this chapter or AS 06.01, if the department finds that

(1) the licensee failed to

(A) make a payment required by this chapter;

(B) maintain a bond required under AS 06.60.045 , if the licensee is a mortgage licensee;

(C) satisfy the continuing education requirements, if the licensee is an originator licensee;

(D) comply with an applicable provision of this title, with an applicable regulation adopted under this title, with a lawful demand, ruling, order, or requirement of the department, or with another statute or regulation applicable to the conduct of the licensee's business;

(2) the small mortgage lender has violated a provision of this chapter applicable to the small mortgage lender;

(3) the licensee or small mortgage lender has, with respect to a mortgage loan transaction,

(A) made a material misrepresentation;

(B) made a false promise;

(C) engaged in a serious course of misrepresentation or made a false promise through another licensee or small mortgage lender;

(D) engaged in conduct that is fraudulent or dishonest;

(E) procured, or helped another person to procure, a license or a registration under AS 06.60.017 by deceiving the department;

(F) engaged in conduct of which the department did not have knowledge when the department issued the license or the registration under AS 06.60.017 , if the conduct demonstrates that the licensee or small mortgage lender is not fit to engage in the activities for which the licensee was licensed or small mortgage lender was registered;

(G) authorized, directed, planned, or aided in the publishing, distribution, or circulation of a materially false statement or a material misrepresentation concerning the licensee's business or the small mortgage lender's business or concerning mortgage loans originated in the course of the licensee's business or the small mortgage lender's business in this or another state; or

(4) a fact or condition exists that would have constituted grounds for denial of the initial issuance or the renewal of the license or the registration under AS 06.60.017 .

(b) In addition to the bases for disciplinary action under (a) of this section, the department may revoke the license of a licensee or the registration of a small mortgage lender who is convicted, including conviction by a plea of not guilty, no contest, or nolo contendere, of a felony or misdemeanor involving fraud, misrepresentation, or dishonesty committed while licensed under this chapter or registered under AS 06.60.017 . A person whose license or registration under AS 06.60.017 is revoked under this subsection is not qualified to receive a new license or another registration under AS 06.60.017 until the person provides proof acceptable to the department that the person has been unconditionally discharged from the conviction. In this subsection, "unconditional discharge" has the meaning given in AS 12.55.185.

(c) A disciplinary action under this section may be taken by itself or in conjunction with one or more other disciplinary actions under this chapter.

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