2019-05-09                     House Journal                      Page 0953
There being no objection, it was so ordered.                                                                                    
                                                                                                                                
Amendment No. 1 was offered  by Representative Wilson:                                                                           
                                                                                                                                
Page 1, line 4:                                                                                                                 
     Delete "AS 06.60.015"                                                                                                      
     Insert "AS 06.60.015(a)"                                                                                                   
                                                                                                                                
Page 1, line 5:                                                                                                                 
     Delete "Sec. 06.60.015. Exemptions."                                                                                     
                                                                                                                                
Page 2, line 1, through page 3, line 15:                                                                                        
     Delete all material and insert:                                                                                            
"* Sec. 2. AS 06.60.015(b) is amended to read:                                                                                
         (b)  The following [INDIVIDUALS] are exempt from the                                                                   
     mortgage loan originator licensing requirements of this chapter:                                                          
              (1)  an individual who is a registered mortgage loan                                                          
     originator, when acting for an entity described in (a)(1), (2), or (3)                                                     
     of this section;                                                                                                           
              (2)  an individual who offers or negotiates terms of a                                                            
     residential mortgage loan with or on behalf of an immediate                                                                
     family member of the individual; in this paragraph, "immediate                                                             
     family member" means a spouse, child, stepchild, sibling,                                                                  
     stepsibling, parent, stepparent, grandparent, or grandchild;                                                               
              (3)  an individual seller who offers or negotiates terms of                                                       
     a residential mortgage loan secured by a dwelling that serves as                                                           
     the individual's residence;                                                                                                
              (4)  a seller, including a natural person, estate, trust,                                                     
     corporation, or another entity, that offers or negotiates the                                                          
     terms of a residential mortgage loan for the sale of residential                                                       
     property owned by the seller, if                                                                                       
                  (A)  the loan is secured by a dwelling on the                                                             
         property;                                                                                                          
                  (B)  the seller self-finances the loan;                                                                  
                  (C)  during any 12-month period, the seller                                                               
            finances five or fewer sales under this paragraph;                                                             
                  (D)  in the ordinary course of a business of the                                                          
         seller, the seller has not                                                                                         
                       (i)  constructed the dwelling that secures the                                                       
              loan on the property; or