6-904

6-904. Issuance of license; renewal; inactive
status; branch office license; application; fee

A. The superintendent, on determining that the applicant is qualified and has paid
the fees, shall issue a mortgage broker's license or a commercial mortgage broker's
license to the applicant which is evidenced by a continuous certificate. The
superintendent shall grant or deny a license within one hundred twenty days after receipt
of the completed application and fees. An applicant who has been denied a license may
not reapply for such a license before one year from the date of the previous application.

B. For licenses approved on or before September 30, 2008, a licensee shall pay the
renewal fee on or before September 30, 2008 and on or before December 31 for subsequent
years beginning on or before December 31, 2009. Licenses not renewed by September 30,
2008 are suspended, and the licensee shall not act as a mortgage broker or a commercial
mortgage broker until the license is renewed or a new license is issued pursuant to this
article. A person may renew a suspended license by paying the renewal fee plus
twenty-five dollars for each day after September 30, 2008 that a license renewal fee is
not received by the superintendent and making application for renewal as prescribed by
the superintendent. Licenses which are not renewed by October 31, 2008 expire. A license
shall not be granted to the holder of an expired license except as provided in this
article for the issuance of an original license.

C. For licenses approved on or before September 30, 2008, a licensee may request
inactive status on or before September 30, 2008 for the following license year, and the
license shall be placed on inactive status after payment to the superintendent of the
inactive status renewal fee prescribed in section 6-126, subsection C and the surrender
of the license to the superintendent. During inactive status, an inactive licensee is
not required to maintain a bond and shall not act as a mortgage broker or a commercial
mortgage broker. A licensee may not be on inactive status for more than two consecutive
years, nor for more than four years in any ten year period. The license is deemed
expired on violation of any of the limitations of this subsection.

D. For licenses approved after or renewed on September 30, 2008, a licensee shall
pay the renewal fee on or before December 31, 2009 and on or before December 31 of each
subsequent year. Licenses not renewed by December 31 are suspended, and the licensee
shall not act as a mortgage broker or a commercial mortgage broker until the license is
renewed or a new license is issued pursuant to this article. A person may renew a
suspended license by paying the renewal fee plus twenty-five dollars for each day after
December 31 that a license renewal fee is not received by the superintendent and applying
for renewal as prescribed by the superintendent. A license that is not renewed by January
31 expires. A license shall not be granted to the holder of an expired license except as
provided in this article for the issuance of an original license.

E. For licenses approved after or renewed on September 30, 2008, beginning in 2009
and each subsequent year, a licensee may request inactive status for the following
license year if the licensee makes the request on or before December 31. The license
shall be placed on inactive status after the licensee pays to the superintendent the
inactive status renewal fee prescribed in section 6-126, subsection C and surrenders the
license to the superintendent. During inactive status, an inactive licensee is not
required to maintain a bond and shall not act as a mortgage broker or a commercial
mortgage broker. A licensee may not be on inactive status for more than two consecutive
years or for more than four years in any ten year period. The license expires on
violation of this subsection.

F. An inactive licensee may return to active status notwithstanding the
requirements of section 6-903, subsections C and D by making a written request to the
superintendent for reactivation and paying the prorated portion of the annual assessment
that would have been charged to the licensee. The licensee shall also provide the
superintendent with proof that the licensee meets all of the other requirements for
acting as a mortgage broker or a commercial mortgage broker, including required bond
coverage or the deposit of a cash alternative.

G. A licensee shall prominently display the mortgage broker license or commercial
mortgage broker license in the office of the mortgage broker or commercial mortgage
broker.

H. Every licensed mortgage broker and licensed commercial mortgage broker shall
designate and maintain a principal place of business in this state for the transaction of
business. The license shall specify the address of the licensee's principal place of
business. If a licensee wishes to maintain one or more locations in addition to a
principal place of business, the licensee shall first obtain a branch office license from
the superintendent and designate a person for each branch office to oversee the
operations of that office. The licensee shall submit a fee as set forth in section 6-126
for each branch office license. If the superintendent determines that the applicant is
qualified, the superintendent shall issue a branch office license indicating the address
of the branch office. The licensee shall conspicuously display the branch office license
in the branch office. If the address of the principal place of business or of any branch
office is changed, the licensee shall immediately notify the superintendent of the change
and the superintendent shall endorse the change of address on the license for a fee as
prescribed in section 6-126.