6-944. Issuance of license; renewal; branch
office license; application; fee
A. If the superintendent determines that the applicant has met the requirements set
forth in section 6-943, subsection C, is qualified and has paid the fees, the
superintendent shall issue a mortgage banker's license to the applicant evidenced by a
continuous certificate. The license is not transferable or assignable. 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. A person may not acquire control of a licensee through
a stock purchase or other device without the prior written consent of the superintendent.
Written consent shall not be given if the superintendent finds that any of the grounds
for denial, revocation or suspension of a license as set forth in section 6-945 are
applicable to the acquiring person. For the purposes of this subsection, "control" means
the power to vote more than twenty per cent of outstanding voting shares of a licensed
corporation, partnership, association or trust.
B. For licenses approved on or before March 31, 2009, a licensee shall make an
application and pay the renewal fee set forth in section 6-126 on or before March 31,
2009 but not sooner than February 1, 2009 and on or before December 31 for subsequent
years beginning in 2009. Licenses not renewed by March 31, 2009 are suspended, and the
licensee shall not act as a mortgage banker 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 March 31, 2009 that a license
renewal fee is not received by the department and making application for renewal as
prescribed by the superintendent. Licenses which are not renewed by April 30, 2009
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 after or renewed on March 31, 2009, a licensee shall pay
the renewal fee on or before December 31, beginning in 2009. Licenses not renewed by
December 31 are suspended, and the licensee shall not act as a mortgage banker 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. Licenses that are not renewed
by January 31 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.
D. A licensee shall prominently display the mortgage banker license in the office
of the mortgage banker.
E. Every licensed mortgage banker 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 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
prescribed 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
notify the superintendent before the change and the superintendent shall endorse the
change of address on the license for a fee as prescribed in section 6-126.
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