A. The minimum standards for license renewal for mortgage lenders shall include the following:
1. The mortgage lender continues to meet the minimum standards for license issuance under this act; and
2. The mortgage lender has paid all required fees for renewal of the license.
B. The license of a mortgage lender failing to satisfy the minimum standards for license renewal shall expire. The Administrator of Consumer Credit may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.
Added by Laws 2013, c. 98, § 7, eff. Nov. 1, 2013.