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454F-11 NMLS registry information; challenge process 454F-12 Enforcement authorities; violations; penalties 454F-13 Repealed 454F-14 Confidentiality 454F-15 Investigation and examination authority 454F-16 Mortgage call reports 454F-17 Prohibited practices 454F-18 Powers of commissioner 454F-19 Unique identifier shown 454F-20 Report to NMLS 454F-21 Repealed 454F-22 Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan 454F-23 Payment of fees 454F-24 Mortgage servicer companies; mortgage loan originators 454F-25 Nonprofit organizations; mortgage loan originators 454F-26 Repealed 454F-41 Mortgage loan recovery fund; use of fund; fees 454F-42 Statute of limitation; recovery from fund 454F-43 Management of fund 454F-44 Standing 454F-45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-22  Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan originator company, nonprofit organizations, and mortgage servicer company fees.  (a)  Except as provided in subsection (b), a mortgage loan originator shall pay the following fees to obtain and maintain a valid mortgage loan originator license:

     (1)  Initial application fee of $600;

     (2)  Annual license renewal fee of $350;

     (3)  Reinstatement fee of $100;

     (4)  Late fee of $25 per day; and

     (5)  Criminal background check fee of $35, or of an amount determined by the commissioner by rule pursuant to chapter 91.

     (b)  A sole proprietorship mortgage loan originator shall pay the following fees to obtain and maintain a valid sole proprietor mortgage loan originator license:

     (1)  Initial application fee of $35;

     (2)  Annual license renewal fee of $35;

     (3)  Reinstatement fee of $100;

     (4)  Late fee of $25 per day; and

     (5)  Criminal background check fee of $35, or of an amount determined by the commissioner by rule pursuant to chapter 91.

     (c)  A mortgage loan originator company shall pay the following fees to maintain a valid mortgage loan originator company license or branch license:

     (1)  Fees payable for a principal office of a mortgage loan originator company:

         (A)  Initial application fee of $900;

         (B)  Processing fee of $35 for each control person;

         (C)  Annual license renewal fee of $600;

         (D)  Reinstatement fee of $100;

         (E)  Late fee of $25 per day; and

         (F)  Criminal background check fee of $35, or of an amount determined by the commissioner by rule pursuant to chapter 91, for each control person, executive officer, director, general partner, and manager; and

     (2)  Fees payable for each branch office of a mortgage loan originator company:

         (A)  Initial application fee of $250;

         (B)  Annual license renewal fee of $100;

         (C)  Reinstatement fee of $100; and

         (D)  Late fee of $25 per day.

    (d)  An exempt sponsoring mortgage loan originator company shall pay the following fees to maintain a valid registration in NMLS:

     (1)  Initial registration fee of $200;

     (2)  Annual registration renewal fee of $150; and

     (3)  Late fee of $25 per day.

    (e)  A nonprofit organization shall pay the following fees to maintain a valid registration as a nonprofit organization in NMLS:

     (1)  Initial registration fee of $200;

     (2)  Annual registration renewal fee of $150; and

     (3)  Late fee of $25 per day.

     (f)  A mortgage servicer company shall pay for a principal office the following fees to maintain a valid mortgage loan servicer loan modification license:

     (1)  Initial application fee of $600;

     (2)  Annual license renewal fee of $600;

     (3)  Reinstatement fee of $100;

     (4)  Late fee of $25 per day; and

     (5)  Criminal background check fee of $35, or of an amount determined by the commissioner by rule pursuant to chapter 91, for each control person, executive officer, director, general partner, and managing member.

    (g)  In addition to fees charged by NMLS, a licensee shall pay to the commissioner a fee of $100 for each of the following amendments to information provided to NMLS that require the review of the commissioner:

     (1)  Change of physical location or mailing address for branch office or principal place of business;

     (2)  Addition or deletion of a "d/b/a" assignment;

     (3)  Change of mortgage loan originator's sponsor;

     (4)  Change of qualified individual;

     (5)  Change of branch manager; and

     (6)  Change of mortgage loan originator company's legal name.

The commissioner, upon a showing of good cause, may waive any fee set forth in this subsection.

     (h)  The fees established by this section are nonrefundable and are in addition to any fees established and charged by NMLS, an approved educational course provider, an approved educational testing provider, a law enforcement agency for fingerprints and background checks, or a credit reporting agency used by NMLS.

     (i)  The commissioner may establish, by rule pursuant to chapter 91, any other fees or charges necessary for the administration of this chapter. [L 2010, c 84, pt of §3; am L 2011, c 194, §13; am L 2012, c 252, §10; am L 2013, c 168, §18; am L 2014, c 198, §9]