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 license issuance under Section 10 of this act;
2. The mortgage loan originator has satisfied the annual continuing education requirements described in Section 24 of this act; and
3. The mortgage loan originator has paid all required fees for renewal of the license.
B. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Administrator of Consumer Credit may adopt procedures in addition to the requirements of Section 9 of this act for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.
Added by Laws 2009, c. 190, § 13, eff. July 1, 2009.