[§454F-8]  Standards for license renewal.
 (a)  The minimum standards for license renewal for mortgage loan originators
shall include the following:



(1)  The mortgage loan originator continues to meet
the minimum standards for licensure under section 454F-5;



(2)  The mortgage loan originator has satisfied the
annual continuing education requirements in section 454F-9; and



(3)  The mortgage loan originator has paid all
required fees for renewal of the license.



(b)  The license of a mortgage loan originator
who fails to satisfy the minimum standards for license renewal shall expire. 
The commissioner may adopt procedures for the reinstatement of expired licenses
consistent with the standards established by the Nationwide Mortgage Licensing
System. [L Sp 2009, c 32, pt of §2]