State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-734

45-734. Mortgage loan originator license;inactive status; duration; renewal; reactivation.(1) A mortgage loan originator whose licenseis placed on inactive status under this section shall not act as a mortgageloan originator in this state until such time as the license is reactivated.(2) The department shallplace a mortgage loan originator license on inactive status upon the occurrenceof one of the following:(a)Upon receipt of a notice from either the licensed mortgage banker, registrant,installment loan company, or mortgage loan originator that the mortgage loanoriginator's relationship as an employee or independent agent of a licensedmortgage banker or installment loan company has been terminated;(b) Upon the cancellationof the employing licensed mortgage banker's license pursuant to section 45-742or upon the cancellation of the employing installment loan company's licensepursuant to subdivision (3)(b) of section 45-1033 for failure to maintainthe required surety bond;(c)Upon the voluntary surrender of the employing licensed mortgage banker's licensepursuant to section 45-742 or upon the voluntary surrender of the employinginstallment loan company's license pursuant to section 45-1032;(d) Upon the expirationof the employing licensed mortgage banker's license pursuant to section 45-742or upon the expiration of the employing installment loan company's licensepursuant to subdivision (3)(a) of section 45-1033 if such mortgage loan originatorhas renewed his or her license pursuant to section 45-732;(e) Upon the revocationor suspension of the employing licensed mortgage banker's license pursuantto section 45-742 or upon the revocation or suspension of the employing installmentloan company's license pursuant to subsection (1) of section 45-1033; or(f) Upon the cancellation,surrender, or expiration of the employing registrant's registration with thedepartment.(3)If a mortgage loan originator license becomes inactive under this section,the license shall remain inactive until the license expires, the licenseholdersurrenders the license, the license is revoked or suspended pursuant to section 45-742, or the license is reactivated.(4) A mortgage loan originator who holds an inactivemortgage loan originator license may renew such inactive license if he orshe remains otherwise eligible for renewal pursuant to section 45-732 exceptfor being covered by a surety bond pursuant to subdivision (1)(f) of section 45-729. Such renewal shall not reactivate the license.(5) The department shallreactivate a mortgage loan originator license upon receipt of a notice pursuantto section 45-735 that the mortgage loan originator licensee has been hiredas a mortgage loan originator by a licensed mortgage banker, registrant, orinstallment loan company and if such mortgage loan originator is covered bya surety bond pursuant to subdivision (1)(f) of section 45-729. SourceLaws 2009, LB328, § 19.