Standards for license renewal

(a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for licensure under section 454F-5; (2) The mortgage loan originator has satisfied the annual continuing education requirements in section 454F-9 prior to requesting renewal; and (3) The mortgage loan originator has paid all required fees for renewal of the license. (b) The minimum standards for license renewal for mortgage loan originator companies shall include the following: (1) The mortgage loan originator company continues to meet the minimum standards for licensure established pursuant to section 454F-5; (2) The mortgage loan originator company's qualified individual and every branch manager have satisfied the minimum standards for license renewal; (3) The mortgage loan originator company has paid all required fees for renewal of the license; and (4) The mortgage loan originator company is registered with the business registration division of the department of commerce and consumer affairs. (c) The license of a mortgage loan originator or mortgage loan originator company that fails to satisfy the minimum standards for license renewal shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with section 454F‑8.5 and the standards established by NMLS. [L Sp 2009, c 32, pt of §2; am L 2010, c 84, §15; am L 2011, c 194, §8; am L 2012, c 252, §9; am L 2013, c 168, §10; am L 2014, c 198, §3; am L 2016, c 122, §11]