A. The minimum standards for license renewal for mortgage brokers shall include the following:
1. The mortgage broker continues to meet the minimum standards for license issuance under Section 14 of this act; and
2. The mortgage broker has paid all required fees for renewal of the license.
B. The license of a mortgage broker 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, § 15, eff. July 1, 2009.
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