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 pursuant to Section 58-21B-6 NMSA 1978;

(2) the mortgage loan originator has satisfied the annual continuing education requirements set forth in Section 58-21B-10 NMSA 1978; and

(3) the mortgage loan originator has paid all required fees for renewal of the license.

B. The license of a mortgage loan originator who fails to satisfy the minimum standards for license renewal shall expire. The director may adopt rules for the reinstatement of expired licenses consistent with the standards established by the nationwide multistate licensing system and registry.

History: Laws 2009, ch. 122, § 9; 2019, ch. 144, § 9.

The 2019 amendment, effective July 1, 2019, replaced "nationwide mortgage licensing system and registry" with "nationwide multistate licensing system and registry", and provided statutory citations for certain provision of the New Mexico Mortgage Loan Originator Licensing Act; in Subsection A, Paragraph A(1), after "Section", deleted "6 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-6 NMSA 1978", and in Paragraph A(2), after "Section", deleted "10 of the New Mexico Mortgage Loan Originator Licensing Act" and added "58-21B-10 NMSA 1978"; and in Subsection B, after "nationwide", deleted "mortgage" and added "multistate".

Severability. — Laws 2009, ch. 122, § 60 provided that if any part or application of this act is held invalid, the remainder or its application to other situations or persons shall not be affected.