Alaska recently amended its law regarding exemptions from mortgage lender, broker, and loan originator licensing requirements to, among other things, exempt bona fide nonprofit organizations and seller-financed lenders from certain requirements. The changes for bona fide nonprofits will become effective on January 1, 2020. Seller-financing license exemptions became effective on July 8, 2019.
Individual sellers of seller-financed mortgage loans secured by the dwelling are also exempt from mortgage loan originator licensing requirements, with the amended law now allowing up to five properties to be seller-financed in a 12-month period.
Contributed by Ric Thom,