The state of Alaska does not regulate mortgage lending or mortgage brokering, regardless of lien position. Consequently, there is no application process or specific license to be issued to conduct these types of activities.

If you would like to find the legal rate of interest for the state of Alaska, you can find it in Title 45, Chapter 45, Section 010 of the Alaska Statutes. This particular section of law also discusses allowable prepayment penalties on one to four family dwellings. For more information on all statutes and administrative codes pertaining to the state of Alaska may be accessed at: www.legis.state.ak.us/folhome.htm.

A number of foreign mortgage lenders and brokers prefer to register as a foreign corporation with the corporations section of the state. You may obtain the necessary forms for registration at: www.commerce.state.ak.us/bsc/corps.htm.

The state of Alaska recommends that you may obtain a business license as it may be required for mortgage and lending related of activities. For more information and verification of business licensing requirements you can visit:
www.commerce.state.ak.us/occ/buslic.htm

The State of Alaska does not have specific rules and regulations or even a mortgage broker license. However, it states that all businesses (sole proprietorships, partnerships, and corporations) must hold a Business License to operate. This includes Mortgage Brokers.

The Alaska business license is valid for two years, which includes the year in which the license was issued and the consequent year. Business licenses expire on 31st December of each year after which they need to be renewed. Unlike some other states, the license is issued in Alaska regardless of the number of office locations. There is a license fee that must be submitted along with the application.

The Business License Application must include the following information:

• The business name
• The line of business to be conducted (in our case, Mortgage Loans Brokering)
• The names of the persons engaging in the business
• The mailing address and physical address of the principal place of business
• Information regarding other licenses or permits, if applicable
• A statement as to whether the business will sell tobacco products as a retailer and the physical address of each outlet or location where tobacco products will be sold. This is not applicable in our case.
• The name of the natural person completing the application on behalf of the business and that person’s title or position in the business.
• Specification whether the applicant seeks an annual initial license, a biennial initial license, renewal for an annual license period, or renewal for a biennial license period.

The State of Alaska allows for approval of an annual Business License and additionally a Biennial Business License, which is valid for two calendar years.