9-2203.License required to conduct mortgage
business; registration required for a loan originator; penalty; statute of
limitations for prosecution.
(a) Mortgage business shall only be conducted in this state at or from a
mortgage company licensed by the commissioner as required by this act.
A licensee shall be responsible for all mortgage business conducted on their
behalf by loan originators or other employees.
(b) Mortgage business involving loan origination shall only be conducted in
this state by an individual who has first been registered with the commissioner
as a loan originator as required by this act
and maintains a valid unique identifier issued by the nationwide mortgage
licensing system and registry, if operational at the time of registration.
(c) Loan origination shall only be
conducted at or from a mortgage company and a registrant
shall only engage in mortgage business on behalf of one mortgage company.
(d) Any person who willfully or knowingly violates any of
the provisions of this act, any rule and regulation adopted or order issued
under this act commits a severity level 7 nonperson felony. A second or
subsequent conviction of this act, regardless of its location on the sentencing
grid block, shall have a presumptive sentence of imprisonment.
(e) No prosecution for any crime under this act may be
commenced more than
five years after the alleged violation. A prosecution is commenced when a
complaint or information is filed, or an indictment returned, and a warrant
thereon is delivered to the sheriff or other officer for execution, except that
no prosecution shall be deemed to have been commenced if the warrant so issued
is not executed without unreasonable delay.
(f) Nothing in this act limits the power of the state to
punish any person
for 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.
9-2203.License required to conduct mortgage
business; registration required for a loan originator; penalty; statute of
limitations for prosecution.
(a) Mortgage business shall only be conducted in this state at or from a
mortgage company licensed by the commissioner as required by this act.
A licensee shall be responsible for all mortgage business conducted on their
behalf by loan originators or other employees.
(b) Mortgage business involving loan origination shall only be conducted in
this state by an individual who has first been registered with the commissioner
as a loan originator as required by this act
and maintains a valid unique identifier issued by the nationwide mortgage
licensing system and registry, if operational at the time of registration.
(c) Loan origination shall only be
conducted at or from a mortgage company and a registrant
shall only engage in mortgage business on behalf of one mortgage company.
(d) Any person who willfully or knowingly violates any of
the provisions of this act, any rule and regulation adopted or order issued
under this act commits a severity level 7 nonperson felony. A second or
subsequent conviction of this act, regardless of its location on the sentencing
grid block, shall have a presumptive sentence of imprisonment.
(e) No prosecution for any crime under this act may be
commenced more than
five years after the alleged violation. A prosecution is commenced when a
complaint or information is filed, or an indictment returned, and a warrant
thereon is delivered to the sheriff or other officer for execution, except that
no prosecution shall be deemed to have been commenced if the warrant so issued
is not executed without unreasonable delay.
(f) Nothing in this act limits the power of the state to
punish any person
for 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.
9-2203.License required to conduct mortgage
business; registration required for a loan originator; penalty; statute of
limitations for prosecution.
(a) Mortgage business shall only be conducted in this state at or from a
mortgage company licensed by the commissioner as required by this act.
A licensee shall be responsible for all mortgage business conducted on their
behalf by loan originators or other employees.
(b) Mortgage business involving loan origination shall only be conducted in
this state by an individual who has first been registered with the commissioner
as a loan originator as required by this act
and maintains a valid unique identifier issued by the nationwide mortgage
licensing system and registry, if operational at the time of registration.
(c) Loan origination shall only be
conducted at or from a mortgage company and a registrant
shall only engage in mortgage business on behalf of one mortgage company.
(d) Any person who willfully or knowingly violates any of
the provisions of this act, any rule and regulation adopted or order issued
under this act commits a severity level 7 nonperson felony. A second or
subsequent conviction of this act, regardless of its location on the sentencing
grid block, shall have a presumptive sentence of imprisonment.
(e) No prosecution for any crime under this act may be
commenced more than
five years after the alleged violation. A prosecution is commenced when a
complaint or information is filed, or an indictment returned, and a warrant
thereon is delivered to the sheriff or other officer for execution, except that
no prosecution shall be deemed to have been commenced if the warrant so issued
is not executed without unreasonable delay.
(f) Nothing in this act limits the power of the state to
punish any person
for 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.