(1) On or after January 1, 2011, each mortgage company shall register with the nationwide mortgage licensing system and registry, unless exempted by rule by the board, and shall renew its registration each calendar year based on the following criteria:
(a) (I) The mortgage company is legally operating in the state of Colorado in accordance with standards determined and administered by the Colorado secretary of state; and
(II) The mortgage company is not legally barred from operating in Colorado.
(b) Sole proprietors, general partnerships, and other mortgage companies not otherwise required to register with the secretary of state shall register using a trade name.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 694, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-903.1 as it existed prior to 2019. 12-10-706. License or registration inactivation. (1) The board may inactivate a state license or a registration with the nationwide mortgage licensing system and registry when a licensee has failed to:
Comply with the surety bond requirements of sections 12-10-704 (8) and 12-10-717;
Comply with the errors and omissions insurance requirement in section 12-10-707 orany rule of the board that directly or indirectly addresses errors and omissions insurance requirements;
Maintain current contact information, surety bond information, or errors and omissions insurance information as required by this part 7 or by any rule of the board that directly or indirectly addresses those requirements;
Respond to an investigation or examination;
Comply with any of the education or testing requirements set forth in this part 7 or inany rule of the board that directly or indirectly addresses education or testing requirements; or
Register with and provide all required information to the nationwide mortgage licensing system and registry.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 694, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-903.3 as it existed prior to 2019.