SB 279 - Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010

• Establishes licensing requirements for mortgage lenders, mortgage brokers, and mortgage loan originators in Alaska, with registration through the Nationwide Mortgage Licensing System and Registry.

• Creates separate licensing for mortgage loan originators as individuals with requirements including prelicensing education (at least 20 hours), passage of a qualified written test, and annual continuing education (at least 8 hours).

• Implements a mortgage loan originator surety fund to reimburse consumers for losses resulting from fraud, misrepresentation, or wrongful conversion of money by licensees, with maximum liability of $50,000 per originator.

• Establishes comprehensive prohibited activities including misrepresentation, unfair or deceptive practices, unlicensed operation, improper fees, and influencing appraisers, with civil penalties up to $10,000 per violation and criminal penalties for serious violations.

• Grants the Department of Commerce, Community, and Economic Development broad investigation and examination authority, including access to records, credit reports, and criminal history information, with an effective date of July 1, 2010.