(a) The licensed mortgage loan originator continues to meet the requirements set forth under ORS 86A.212;

(b) The licensed mortgage loan originator paid the fee required to renew the mortgage loan originator’s license; and

(c) The licensed mortgage loan originator satisfied the continuing education requirements set forth in ORS 86A.221. If the licensed mortgage loan originator did not satisfy the requirements under ORS 86A.221, instead of declining to renew the mortgage loan originator’s license, the director by rule or order may permit or require the licensed mortgage loan originator to make up the deficiency in continuing education.

(2)(a) A mortgage loan originator’s license expires if:

(A) The licensed mortgage loan originator does not apply to renew the mortgage loan originator’s license;

(B) The director declines to renew the mortgage loan originator’s license; or

(C) The licensed mortgage loan originator does not otherwise maintain eligibility under the requirements set forth in ORS 86A.200 to 86A.239.

(b) The director by rule may establish a procedure and requirements for reinstating a license that has expired. The procedure and requirements the director establishes must be consistent with standards established by the Nationwide Mortgage Licensing System and Registry and must at a minimum provide that an applicant for reinstatement who has allowed the applicant’s mortgage loan originator’s license to lapse for a period of five or more years, whether or not the applicant was employed or continued to engage in business as a mortgage loan originator during the period of the lapse, shall:

(A) Demonstrate to the director that the applicant completed the continuing education requirements set forth in ORS 86A.221 that were required in the year in which the applicant last held a mortgage loan originator’s license; and

(B) Pass the qualified written test as provided in ORS 86A.215. [2009 c.863 §6]