9-2203.   License required to conduct mortgagebusiness; registration required for a loan originator; penalty; statute oflimitations for prosecution.(a) Mortgage business shall only be conducted in this state at or from amortgage company licensed by the commissioner as required by this act.A licensee shall be responsible for all mortgage business conducted on theirbehalf by loan originators or other employees.

      (b)   Mortgage business involving loan origination shall only be conducted inthis state by an individual who has first been registered with the commissioneras a loan originator as required by this actand maintains a valid unique identifier issued by the nationwide mortgagelicensing system and registry, if operational at the time of registration.

      (c)   Loan origination shall only beconducted at or from a mortgage company and a registrantshall only engage in mortgage business on behalf of one mortgage company.

      (d)   Any person who willfully or knowingly violates any ofthe provisions of this act, any rule and regulation adopted or order issuedunder this act commits a severity level 7 nonperson felony. A second orsubsequent conviction of this act, regardless of its location on the sentencinggrid block, shall have a presumptive sentence of imprisonment.

      (e)   No prosecution for any crime under this act may becommenced more thanfive years after the alleged violation. A prosecution is commenced when acomplaint or information is filed, or an indictment returned, and a warrantthereon is delivered to the sheriff or other officer for execution, except thatno prosecution shall be deemed to have been commenced if the warrant so issuedis not executed without unreasonable delay.

      (f)   Nothing in this act limits the power of the state topunish any personfor any conduct which constitutes a crime by statute.

      History:   L. 1996, ch. 175, § 3;L. 1999, ch. 45, § 3;L. 2001, ch. 88, § 4;L. 2005, ch. 144, § 1;L. 2009, ch. 29, § 6; July 1.