Chapters

[CHAPTER 454F] SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT

Contents 454F-1 Definitions 454F-1.5 Registration with NMLS required 454F-1.6 Presumption of control 454F-1.7 Duties of a mortgage loan originator company's qualified individual and branch manager 454F-1.8 Sponsorship by mortgage loan originator company, exempt sponsoring mortgage loan originator company, 454F-2 Exemptions 454F-2.5 Exempt sponsoring mortgage loan originator company; registration 454F-3 Requirement of licensure 454F-4 License and registration; application; issuance 454F-4.5 Automatic secondary review of license application 454F-4.8 Decision denying application subject to administrative hearing 454F-4.9 Abandoned applications 454F-5 Issuance of license 454F-6 Pre-licensing and re-licensing; education of mortgage loan originators 454F-7 Testing of mortgage loan originators 454F-8 Standards for license renewal 454F-8.5 Reinstatement of expired licenses 454F-9 Continuing education; mortgage loan originators 454F-10 Authority to require license 454F-10.5 Authorized places of business; designation of qualified individuals and branch managers; branch offices; 454F-10.6 Voluntary cessation of operation; surrender of license 454F-10.7 Change in control of a licensee; fees 454F-11 NMLS registry information; challenge process 454F-12 Enforcement authorities; violations; penalties 454F-13 Repealed 454F-14 Confidentiality 454F-15 Investigation and examination authority 454F-16 Mortgage call reports 454F-17 Prohibited practices 454F-18 Powers of commissioner 454F-19 Unique identifier shown 454F-20 Report to NMLS 454F-21 Repealed 454F-22 Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan 454F-23 Payment of fees 454F-24 Mortgage servicer companies; mortgage loan originators 454F-25 Nonprofit organizations; mortgage loan originators 454F-26 Repealed 454F-41 Mortgage loan recovery fund; use of fund; fees 454F-42 Statute of limitation; recovery from fund 454F-43 Management of fund 454F-44 Standing 454F-45 Subrogation of rights 454F-46 Waiver of rights 454F-47 Disciplinary action against licensee

     §454F-8  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 minimum standards for license renewal for a mortgage servicer company shall include the following:

     (1)  The mortgage servicer company continues to meet the minimum standards for licensure established pursuant to section 454F-5;

     (2)  The mortgage servicer company has paid all required fees for renewal of the license; and

     (3)  The mortgage servicer company is registered with the business registration division of the department of commerce and consumer affairs.

     (d)  The license of a mortgage loan originator, mortgage loan originator company, or mortgage servicer 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]