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The Alaska legislature amended its laws related to mortgage loan originator licensing exemptions. The Nebraska legislature amended provisions related to its Installment Sales Act (“act”) which includes the purchase of mobile homes with an installment contract. All the legislation discussed is effective January 1, 2020.
ALASKA HOUSE BILL 104
An employee of a bona fide nonprofit organization is exempt from mortgage loan originator licensing requirements if the employee acts as a mortgage loan originator only with respect to:
For a nonprofit organization to qualify as a bona fide nonprofit organization, the Department of Commerce, Community, and Economic Development must determine that the nonprofit organization:
The department may establish by regulation the information that an organization must provide to qualify as a bona fide nonprofit organization.
NEBRASKA LEGISLATIVE BILL 355
A license issued under the act is nontransferable and non-assignable. The same person may obtain additional licenses for each place of business operating as a sales finance company in Nebraska upon compliance with the act as to each license, except that on or after January 1, 2020, a person is no longer required to obtain a new license for each place of business and may maintain a branch office or offices.
A licensee under the act must notify the Director of Banking and Finance through the Nationwide Mortgage Licensing System and Registry at least 30 days prior to the occurrence of any of the following:
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