New legislation went in to effect putting Mortgage Brokers and Lender in the state of Alaska under the regulation of the Alaska Division of Banking and Securities.  According to the legislation all new applicants on or after July 1, 2008 must comply with the new regulations.  All Mortgage broker and bankers must be in compliance by March 1, 2009.

Among the new rules are a mandatory background check (fingerprints); monitoring of all company applications, records, and daily practices; and all Mortgage Originators will be required to pass an examination as well as completing 24 hours of continuing education every 24 months.

Also, a $25,000 surety bond will be required.  Alaska is not a “Brick and Mortar” State, so no physical office is required.