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This entry was published on 2014-09-22
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SECTION 599-I
Standards for license renewal; inactive status
Banking (BNK) CHAPTER 2, ARTICLE 12-E
§ 599-i. Standards for license renewal; inactive status. 1. Standards
for renewal. The following minimum standards for license renewal for
mortgage loan originators are hereby established:

(a) The mortgage loan originator must continue to meet the minimum
standards for license issuance set forth in section five hundred
ninety-nine-e of this article;

(b) The mortgage loan originator must satisfy the annual continuing
education requirements described in section five hundred ninety-nine-j
of this article; and

(c) The mortgage loan originator must have paid all required fees for
the renewal of the license.

2. Failure to satisfy standards. The license of a mortgage loan
originator failing to satisfy the minimum standards for renewal shall
terminate. In the event the licensed mortgage loan originator fails to
pay such fee or otherwise satisfy this section, then the department
shall notify the originating entity of the termination of the license.
Such license shall be reinstated, in the case of a licensed mortgage
loan originator failing to timely pay such fee, if such licensed
mortgage loan originator pays such fee within sixty days of such due
date.

3. Submission of annual request. An annual request for renewal of a
license as a mortgage loan originator shall be affirmed by the mortgage
loan originator and submitted electronically, including through the
NMLSR, in such form and in such manner as may be prescribed by the
superintendent. The annual request for renewal shall contain such
information as specified by the superintendent.

4. Inactive status. The license of a mortgage loan originator is not
effective during any period during which the mortgage loan originator is
not employed by, or is an independent contractor of, an originating
entity. When a mortgage loan originator ceases to be employed by, or is
an independent contractor of, an originating entity, the originating
entity shall promptly notify the superintendent of the termination date
of such employment or affiliation. The license of such mortgage loan
originator shall be placed in inactive status until the superintendent
receives written or electronic notice of the mortgage loan originator's
new employment or affiliation. A mortgage loan originator shall continue
to pay the annual license fee and to take required education courses
while in inactive status.