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Upon the filing of a complete application for licensure as a mortgage lender, mortgage loan broker and/or mortgage loan servicer and the payment of all applicable fees, the commissioner shall investigate each application to the extent deemed necessary. The commissioner shall deliver a license to the applicant if the commissioner finds that the applicant, including its principals:
Has the financial responsibility, experience and character to warrant the belief that the business of the applicant will be operated lawfully and within the purposes of this chapter;
That the applicant has a tangible net worth (tangible assets less liabilities) of not less than twenty-five thousand dollars ($25,000) and an additional tangible net worth of twenty-five thousand dollars ($25,000) for each additional branch office within this state; and
Has paid a nonrefundable supervision fee, as provided in § 45-1-118(i).
If the commissioner does not find that the applicant and principals have met the requirements of subdivisions (a)(1)(A)-(C), the commissioner shall deny the application and notify the applicant of the denial, give notice of the grounds for the denial and notify the applicant of the right to request a hearing. If the commissioner denies an application or if the commissioner fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make written demand to the commissioner for a hearing on the question of whether the license should be granted. The commissioner shall notify the applicant of the date when the application is deemed complete. Nothing contained in this subdivision (a)(2) shall prohibit an applicant from modifying or amending the application in order to seek approval by the commissioner. If the commissioner denies any application and if the applicant requests a hearing, the commissioner shall conduct the hearing under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; provided, that the applicant has requested the hearing in writing within thirty (30) days following the denial of the application by the commissioner. At the hearing, the burden of proving that the applicant is entitled to a license is on the applicant.
Each license shall be conspicuously posted in the respective place of business of the licensee for which the license was issued.
On or before December 31 of each year, a person holding a license issued under this part shall pay a nonrefundable supervision fee, as provided in § 45-1-118(i), to the commissioner for the following year, commencing January 1, together with such renewal application as the commissioner may require, including the surety bond adjusted in accordance with § 45-13-204. Failure to timely pay the supervision fee or to timely submit a completed renewal application shall cause the license to expire at the close of business on December 31.
As a condition of licensure renewal, the commissioner may by rule establish continuing education requirements for each of the individuals identified in § 45-13-202(b). The rules for prelicensure and continuing education requirements under this part may include criteria for content, accreditation of sponsors and programs, computation of credit, special cases and exemptions, general compliance procedures and sanctions for noncompliance.
A licensee making timely and proper application for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied. Should the commissioner deny the renewal application, the licensee may make written demand to the commissioner for a hearing on the question of whether the license should be renewed; provided, that the request for hearing be received by the commissioner within thirty (30) days from the date of denial; and provided, further, that the failure to timely request a hearing shall cause the license to be automatically revoked without further notice or hearing at the end of the thirty-day period. If a hearing is timely requested under this subdivision (c)(3), it shall be conducted under the Uniform Administrative Procedures Act, and the license shall not expire until resolution of the appeal in accordance with the Uniform Administrative Procedures Act.
No abatement of the supervision fee shall be made if the license is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued.
The commissioner may require education and testing providers of any of the educational courses or tests required under this chapter to file information regarding the contents and materials of the proposed courses or tests with the commissioner for review or approval, or both. The commissioner may set fees for the initial and continuing review of courses and tests.
The commissioner may establish a biennial license arrangement for the filing of the application for licensure renewal, but in no case shall the supervision fee be payable for more than one (1) year at a time.