1. (a) If a mortgage licensee or a registered depository institution seeks to close but not relocate the office listed at the main address on the Form MU1 without surrendering its license or registration, the mortgage licensee or the registered depository institution shall provide written notice and a request for approval of the office closure and inactive license or registration directly to the department at least 30 days before the proposed effective date of the office closure. The mortgage licensee or the registered depository institution shall certify that all mortgage loans will be paid in full or sold before the office closure and inactive status and shall acknowledge to the department that the office closure and inactive license or registration will not be approved until all mortgage loans of the mortgage licensee or the registered depository institution have been paid in full or sold.

2. (b) If the department approves the office closure and the inactive mortgage license or registration, the licensee or the registered depository institution shall report the post-closure location of books and records and the post-closure records custodian by submitting an application for amendment of the Form MU1 to the department through the registry. The department will not approve the office closure and inactive license or registration unless the mortgage licensee or the registered depository institution submits written verification to the department that

   1. (1) all mortgage loans of the mortgage licensee or the registered depository institution have been paid in full or sold; and
   2. (2) the books and records of the office at the main address on the Form MU1 have been transferred to the post-closure location approved on the Form MU1.

(Eff. 7/1/2008, Register 186; am 7/24/2009, Register 191; am 12/4/2010, Register 196; am 1/1/2017, Register 220)

Authority: AS 06.60.090, AS 06.60.130, AS 06.60.910