(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012(b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is otherwise in compliance with this chapter, and satisfies the other requirements of this section. Registration under this section does not affect the exemption of the depository institution under AS 06.60.015(a).
(b) To register under (a) of this section, a depository institution shall
(1) complete a registration form established by the department; the form must identify the mortgage loan originator to be sponsored by the depository institution and each mortgage lending location of the registered depository institution; and
(2) pay a registration fee established by the department.
(c) Registration under (b) of this section expires after one year. To renew a registration, the depository institution shall file a renewal application with the department and pay a renewal fee established by the department.
(d) The department may deny an initial or renewal registration under this section or may suspend or revoke the registration of a depository institution that is registered under (b) of this section if the department determines that the depository institution
(1) failed to satisfy a requirement of this section;
(2) failed to supervise its sponsored mortgage loan originator adequately; or
(3) made a material misstatement or withheld information on the application for registration, on an application for the renewal of the registration, or on another document required to be filed with the department.