Alaska passed a bill permitting depository institutions to voluntarily register with the Department of Commerce, Community, and Economic Development (Department) for purposes of sponsoring mortgage loan originators. Under the bill, a depository institution that is exempt from licensing under the Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 (ASFEMLA) may voluntarily register with the Department for the purpose of sponsoring a licensed mortgage loan originator. To obtain a registration from the Department, a depository institution must: have an exclusive written contract to sponsor a licensed mortgage loan originator; complete a registration form established by the Department; pay a registration fee established by the Department; maintain a surety bond as required by the ASFEMLA; file an annual report with the Department as required by the ASFEMLA; and maintain records as required by the ASFEMLA. The bill becomes effective January 1, 2017. \
See Alaska State Legislature Website for the full text of the Statutes:
