State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-706

45-706. License; issuance; denial; appeal;renewal; fees.(1) Upon the filing of an application fora license as a mortgage banker,if the director finds that the character and general fitness of the applicant,the members thereof if the applicant is a partnership, limited liability company,association, or other organization, and the officers, directors, and principalemployees if the applicant is a corporation are such that the business willbe operated honestly, soundly, and efficiently in the public interest consistentwith the purposes of the ResidentialMortgage Licensing Act, the director shall issue a license asa mortgage banker to the applicant. The director shall approve or deny anapplication for a license within ninety days after (a) acceptance of the application;(b) delivery of the bond required under section 45-724; and(c) payment of the required fee.(2) If the director determines that the mortgage banker license application should be denied, the director shallnotify the applicant in writing of the denial and of the reasons for the denial.The director shall not deny an application for a mortgage banker license because of the failureto submit information required under the act or rules and regulations adoptedand promulgated under the act without first giving the applicant an opportunityto correct the deficiency by supplying the missing information. A decisionof the director denying a mortgagebanker license application pursuantto the act may be appealed.The appealshall be in accordance with the Administrative Procedure Act and rules and regulations adopted and promulgated by thedepartment under the act. The director may deny an applicationfor a mortgage banker license application if (a) he or she determines that the applicantdoes not meet the conditions of subsection (1) of this section or (b) anofficer, director, shareholder owning five percent or more of the voting sharesof the applicant, partner, or member was convicted of, pleaded guilty to,or was found guilty after a plea of nolo contendere to (i) amisdemeanor under any state or federal law which involves dishonesty or fraudor which involves any aspect of the mortgage banking business, depository institution business, or installmentloan company businessor (ii) any felony under stateor federal law.(3)(a) All initial licenses shall remain in full force and effect untilthe next succeeding December 31. Mortgage banker licensesmay be renewed annually by submittingto the director a request forrenewal and any supplemental material as requiredby the director. The mortgage banker licensee shall certify that the informationcontained in the license application, as subsequently amended, that is onfile with the department and the information contained in any supplementalmaterial previously provided to the department remains true and correct.(b) For the annual renewal of a license to conducta mortgage banking business under the ResidentialMortgage Licensing Act, the fee shall be two hundred dollars plusseventy-five dollars for each branch office, if applicable, and any processingfee allowed under subsection (2)of section 45-748.(4) The director may requirea mortgage banker licenseeto maintain a minimum net worth, proven by an audit conducted by a certifiedpublic accountant, if the director determines that the financial conditionof the licensee warrants such a requirement or that the requirement is inthe public interest. SourceLaws 1989, LB 272, § 9; Laws 1993, LB 121, § 275; Laws 1995, LB 163, § 4; Laws 2003, LB 218, § 4; Laws 2005, LB 533, § 53; Laws 2006, LB 876, § 29; Laws 2007, LB124, § 43; Laws 2008, LB380, § 2; Laws 2009, LB328, § 8. Cross ReferencesAdministrative Procedure Act, see section 84-920.