3 AAC 14.222 - Continuing education deficiency
(a) Notwithstanding
3 AAC 14.220(b), a mortgage loan
originator licensee who meets the requirements of
AS
06.60.087 other than the continuing education
requirement of
AS
06.60.087(a)(2) may make up
the deficiency in continuing education, if the mortgage loan originator
licensee,
(1) before December 31 of the
license period, submits an application for renewal that is complete except for
the continuing education information required under
AS
06.60.160 and pays all fees for renewal under
3 AAC 14.310;
(2) before March 1 of the year following the
year the license would otherwise have expired, completes the required
continuing education, submits the certification of completion of the continuing
education, and pays the late renewal fee under
3 AAC 14.315 to the department through the registry;
and
(3) continues to meet the
minimum standards for renewal until the time the renewal is approved.
(b) If a mortgage loan originator
licensee satisfies the requirements of (a)(1) of this section, the department
will assign the mortgage loan originator licensee a license status of
"approved/deficient," until the mortgage loan originator licensee meets the
requirements of (a)(2) and (3) of this section.
(c) If a licensed mortgage loan originator
with a continuing education deficiency at the end of the annual licensing
period satisfies the requirements of (a)(1) of this section, but does not meet
the requirements (a)(2) and (3) of this section for making up a continuing
education deficiency before March 1 of the year following the deficiency, the
mortgage loan originator license expires on March 1, and mortgage loan
originator must apply for a new license.
Notes
Authority:AS 06.60.160
AS 06.60.085
AS 06.60.087
AS 06.60.910
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