Section 443.833

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 08 Jul 2009, 2 histories, see footnote   

  443.833.  Renewal of license, date, procedure, fee — failure to renew, license becomes inactive, reactivation — expires, when. — 1.  Residential mortgage loan broker licenses shall be renewed on the first anniversary of the date of issuance and every two years thereafter or as otherwise determined by the director to implement a system of licensing compatible with the NMLSR.  Renewal application forms and fees shall be submitted to the director at least sixty days before the renewal date.

  2.  The director shall send notice at least ninety days before the residential mortgage loan broker's renewal date, but failure to send or receive such notice is no defense for failure to timely renew, except when an extension for good cause is granted by the director.  If the director does not grant an extension and the residential mortgage loan broker fails to submit a completed renewal application form and the proper fees in a timely manner, the director may assess additional fees as follows:

  (1)  A fee of five hundred dollars shall be assessed the residential mortgage loan broker thirty days after the proper renewal date, and one thousand dollars each month thereafter, until the license is either renewed or expires pursuant to subsections 3 and 4 of this section;

  (2)  Such fee shall be assessed without prior notice to the residential mortgage loan broker, but shall be assessed only in cases where the director possesses documentation of the residential mortgage loan broker's continuing activity for which the unrenewed license was issued.

  3.  A license which is not renewed by the date required in this section shall automatically become inactive.  No activity regulated by sections 443.701 to 443.893 shall be conducted by the residential mortgage loan broker when a license becomes inactive.  An inactive license may be reactivated by filing a completed reactivation application with the director, payment of the renewal fee, and payment of a reactivation fee equal to the renewal fee.

  4.  A license which is not renewed within one year of becoming inactive shall expire.

­­--------

(L. 1994 S.B. 718 § 10 subsecs. 1 to 4, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382)

Effective 7-08-09