TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-309.  LICENSE RENEWAL and reinstatement REQUIREMENTS. (1) The minimum standards for license renewal for mortgage loan originators licensed under this part shall include the following:

(a)  The mortgage loan originator continues to meet the minimum standards for license issuance pursuant to section 26-31-306, Idaho Code;

(b)  The mortgage loan originator has satisfied the annual continuing education requirements pursuant to section 26-31-310, Idaho Code; and

(c)  The mortgage loan originator has filed with the director through the NMLSR, on or before December 31 of each year, a renewal application containing such information as the director may require, accompanied by a nonrefundable annual license renewal fee of one hundred dollars ($100).

(2)  If a mortgage loan originator fails to timely satisfy the provisions of subsection (1) of this section, notwithstanding the provisions of section 67-5254, Idaho Code, then his license automatically and immediately expires.

(3)  The director may reinstate an expired license during the time period of January 1 through February 28, immediately following license expiration if the director finds that the former licensee meets the requirements for licensure under this part after submission to the director of:

(a)  A complete application for renewal;

(b)  The fees required to apply for license renewal unless previously paid for the period for which the license renewal applies; and

(c)  A reinstatement fee of one hundred dollars ($100).

History:

[26-31-309, added 2009, ch. 97, sec. 2, p. 302; am. 2013, ch. 64, sec. 18, p. 158.]