(a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter.
(b) An individual required to be licensed as a mortgage loan originator shall
(1) register with the registry and maintain a valid unique identifier issued by the registry;
(2) work under
(A) an exclusive contract for, or as an employee of, a mortgage licensee; or
(B) an exclusive contract for a registered depository institution; and
(3) be sponsored in the registry by a mortgage licensee under a sponsorship approved in the registry by the department or be sponsored by a registered depository institution under AS 06.60.014; in this paragraph, “sponsored” means authorized to conduct business as a mortgage loan originator under the supervision of a mortgage licensee or a registered depository institution.
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