6-981. Inactive status
A. For licenses approved on or before March 31, 2009, a licensee may request
inactive status for the following license year, and the license shall be placed on
inactive status after surrendering the license to the superintendent.
B. For licenses approved after or renewed on March 31, 2009, a licensee may request
inactive status on or before December 31 of each year for the following license year, and
the license shall be placed on inactive status after surrendering the license to the
superintendent.
C. During inactive status, an inactive licensee is not required to maintain a bond
and shall not act as a commercial mortgage banker.
D. 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 is deemed expired on
violation of any of the limitations of this subsection.
E. An inactive licensee may return to active status notwithstanding section 6-973,
subsection D by making a written request to the superintendent for reactivation. The
licensee shall also provide the superintendent with proof that the licensee meets all of
the other requirements for acting as a commercial mortgage banker, including required
bond coverage or the deposit of a cash alternative.
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