26-31-110. FUNDING. (1) Upon application for a mortgage broker, mortgage lender or mortgage loan originator license, and upon renewal of such licenses issued under this chapter, the applicant or person seeking renewal shall, in addition to paying the license application or renewal fee required under this chapter, pay a fee to the department through the NMLSR for deposit in the mortgage recovery fund as follows:

(a) Two hundred fifty dollars ($250) for home office locations of mortgage brokers and mortgage lenders licensed under part 2 of this chapter;

(b) One hundred fifty dollars ($150) for each branch office location of a mortgage broker or mortgage lender licensed under part 2 of this chapter; and

(c) One hundred dollars ($100) for each mortgage loan originator licensed under part 3 of this chapter.

(2) With respect to mortgage recovery fund fees payable at the time of annual license renewal for licensees under this chapter, the director may adjust the fees within the limits of subsection (1) of this section on a pro rata basis as necessary to maintain a balance of one million five hundred thousand dollars ($1,500,000) in the mortgage recovery fund, plus an additional amount of fifty thousand dollars ($50,000) as set forth in subsection (4) of this section.

(3) All interest that accrues in the mortgage recovery fund shall be added to the balance of the mortgage recovery fund.

(4) On an annual basis, the department may apply up to fifty thousand dollars ($50,000) of moneys accumulated in the mortgage recovery fund in excess of one million five hundred thousand dollars ($1,500,000) to:

(a) Fund the department’s expenses in administering the mortgage recovery fund;

(b) Develop and implement consumer education concerning the residential mortgage industry;

(c) Contract for research projects for the state concerning the residential mortgage industry;

(d) Fund the training expenses of department staff members and its attorneys concerning the residential mortgage industry; and

(e) Publish and distribute educational materials to licensees and applicants for licensure under this chapter.

History:

[26-31-110, added 2009, ch. 97, sec. 2, p. 286.]