AK SB149

Establishes Chapter 62 of AS 06 to regulate residential mortgage lending activities, including licensing of mortgage lenders, mortgage brokers, and mortgage loan originators.

Creates a Mortgage Loan Originator Surety Fund with maximum liability of $15,000 per claimant per transaction and $50,000 total per originator licensee to pay claims against mortgage originator licensees.

Authorizes the department to establish and collect program administration fees from borrowers (or alternative parties if federal/state regulations prohibit borrower payment) for each mortgage loan transaction to cover administrative costs.

Requires department compliance with federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101-5116) and the Nationwide Mortgage Licensing System and Registry.

Repeals former AS 06.60 mortgage lending regulations effective July 1, 2010, with transition provisions allowing existing licenses to continue under the new regulatory framework.