Sponsorship

(a) A mortgage loan originator license will not be granted to an applicant, unless a mortgage licensee or a registered depository institution sponsors the mortgage loan originator in the registry. (b) The sponsorship of a mortgage loan originator licensee by a mortgage licensee or a registered depository institution is not effective until it is approved by the department in the registry. (c) To operate as a mortgage loan originator licensee in the state, an individual must maintain a sponsorship by a mortgage licensee or a registered depository institution in the registry approved by the department. (d) A mortgage loan originator licensee may be sponsored by only one mortgage licensee or one registered depository institution under AS 06.60.159.