Alaska State Banking Department Information

Alaska Division of Banking and Securities http://www.dced.state.ak.us/bsc/ Ms. Katrina Mitchell Acting Director Katrina.Mitchell@alaska.gov PO Box 110807 Juneau, AK 99811-0807 Phone: (907) 465-2521 Fax: (907) 465-2549 Division of Banking and Securities Hotline 1-888-925-2521 To file a consumer complaint go to: http://www.commerce.state.ak.us/bsc/complaints.htm Proposed Mortgage Regulations On July 1, 2008, the State of Alaska, Division of Banking and Securities will begin licensing and regulating mortgage brokers, mortgage lender, and mortgage originators. The new law as codified in Alaska Statute under title 06.60 will not allow any grandfathering of entities or individuals. A copy of the new law is available here. Some highlights of the new law are: * All mortgage brokers or lenders that make or provide mortgage loans to Alaska residents shall be required to obtain a license. This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone. * All mortgage originators will be required to pass a background investigation and a competency test prior to providing service to Alaska residents. * All mortgage originators will be required to complete 24 hours of continuing education every biennial licensing period. * All mortgage originators will be required to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator. * The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.

For current Alaska Mortgage Rates please visit:
http://shoprate.com/alaska-rates.aspx