NOTICE OF PROPOSED CHANGES IN THE REGULATIONS OF THE DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC DEVELOPMENT

The Department of Commerce, Community, and Economic Development proposes to adopt new regulations in Chapter 14 of Title 3 of the Alaska Administrative Code, dealing with the regulation of mortgage lending in accordance with Alaska Statutes 06.60, the Mortgage Lending Regulation Act, Chapter 50, SLA 2007, “the Act.” The proposed regulations address various aspects of the business of making mortgage loans under the Act, which provides for the licensing of mortgage lenders, mortgage brokers, and originators. “Mortgage loan” is defined in the Act at AS 06.60.990(19). The regulations deal with a wide range of subjects covered by the Act, including the registration, licensing, or exemption of persons engaged in activities related to the making of mortgage loans, originator competency testing and continuing education, license duration, renewal, inactivity, and surrender, licensee and registrant obligations and discipline, licensee and registrant restrictions, the examination and investigation of licensees and registrants, the enforcement of licensee and registrant duties, the establishment and operation of an originator surety fund, and miscellaneous and general provisions, such as the setting of fees and the definition of terms.

You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments by mail or fax to:

Jun Maiquis, Regulations Specialist
Division of Corporations, Business, and Professional Licensing
Department of Commerce, Community, and Economic Development
P.O. Box 110806
Juneau, AK 99811-0806
Fax: (907) 465-2974

The written comments must be received no later than 4:30 p.m. on March 14, 2008.

If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Jun Maiquis at (907) 465-2537 no later than March 7, 2008 to ensure that any necessary accommodations can be provided.

For a copy of the proposed regulation changes, contact Jun Maiquis at the address or phone number above, or go to http://www.commerce.state.ak.us/occ/pub/MTG0208.pdf

After the public comment period ends, the Department of Commerce, Community, and Economic Development will either adopt these or other provisions dealing with the same subject, without further notice, or decide to take no action on them. The language of the final regulations may be different from that of the proposed regulations. YOU SHOULD COMMENT DURING THE TIME ALLOWED IF YOUR INTERESTS COULD BE AFFECTED. Written comments received are public records and are subject to public inspection.

Statutory Authority: AS 06.60.910
Statutes Being Implemented, Interpreted, or Made Specific: AS 06.60
Fiscal Information: The proposed regulation changes are not expected to require an increased appropriation.

For each occupation regulated by the Division of Corporations, Business and Professional Licensing, the division keeps a list of individuals or organizations who are interested in the regulations of that occupation. The division automatically sends a Notice of Proposed Regulations to the parties on the appropriate list each time there is a proposed change in an occupation's regulations in Title 12 (or Title 3 for mortgage lending) of the Alaska Administrative Code. If you would like your address added to or removed from such a list, please send your request to the Division of Corporations, Business and Professional Licensing at the address above and include your name, address, and the occupational area in which you are interested.

DATE: 02/12/08 /s/ Christine Wyatt, Administrative Officer Division of Corporations, Business and
Professional Licensing

ADDITIONAL REGULATIONS NOTICE INFORMATION
(AS 44.62.190(d))

1. Adopting agency: Department of Commerce, Community, and Economic Development.

2. General subject of regulation: Business activities related to making mortgage loans.

3. Citation of regulation: 3 AAC 14.

4. Reason for the proposed action: Compliance with new state statute.

5. RDU/component affected: Occupational Licensing - #117.

6. Cost of implementation to the state agency and available funding (in thousands of dollars): No costs are expected in FY 2008 or in subsequent years.

7. The name of the contact person for the regulations:

Jun Maiquis, Regulations Specialist
Division of Corporations, Business and Professional Licensing
Department of Commerce, Community, and Economic Development
P.O. Box 110806
Juneau, AK 99811-0806
(907) 465-2537
jun.maiquis@alaska.gov

8. The origin of the proposed action: Staff of Department of Commerce, Community, and Economic Development.

9. Date: 02/12/08
Prepared by: /s/
Jun Maiquis, Regulations Specialist