State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_101

§ 53‑244.101.  Licenserenewal.

(a)        All licenses issuedby the Commissioner under the provisions of this Article shall expire annuallyon the 31st day of December following issuance or on any other datethat the Commissioner may determine. The license is invalid after that date andshall remain invalid unless renewed under subsection (b) of this section.

(b)        A license may berenewed on or after November 1 of each year by complying with the requirementsof subsection (c) of this section and by paying to the Commissioner, inaddition to the actual cost of obtaining credit reports and State and nationalcriminal history record checks and of processing fees of the nationwide systemas the Commissioner shall require, nonrefundable renewal fees as follows:

(1)        Licensed mortgagelenders, licensed mortgage brokers, and licensed mortgage servicers shall payan annual renewal fee of six hundred twenty‑five dollars ($625.00),licensed exclusive mortgage brokers shall pay an annual renewal fee of threehundred dollars ($300.00), and licensed mortgage lenders and mortgage brokersshall pay one hundred twenty‑five dollars ($125.00) for each licensedbranch office.

(2)        Licensed mortgageloan originators shall pay an annual renewal fee of sixty‑seven dollarsand fifty cents ($67.50).

(c)        Licensees may applyto renew a mortgage loan originator, mortgage lender, mortgage broker, andmortgage servicer license. The application for renewal shall demonstrate that:

(1)        The licenseecontinues to meet the initial minimum standards for licensure under G.S. 53‑244.060;

(2)        The mortgage loanoriginator has satisfied the annual continuing education requirements describedin G.S. 53‑244.102; and

(3)        The licensee haspaid all required fees for renewal of the license.

(d)        If a mortgagelender, mortgage broker, or mortgage servicer's license is not renewed prior tothe expiration date, then the licensee shall pay two hundred fifty dollars($250.00) as a nonrefundable late fee in addition to the renewal fee set forthin subsection (b) of this section. If a mortgage loan originator's license isnot renewed prior to the expiration date, then the licensee shall pay anonrefundable late fee of one hundred dollars ($100.00) in addition to therenewal fee set forth in subsection (b) of this section. In the event alicensee fails to obtain a reinstatement of the license prior to March 1, theCommissioner shall require the licensee to comply with the requirements for theinitial issuance of a license under the provisions of this Article.

(e)        When required bythe Commissioner, each person shall furnish to the Commissioner the person'sconsent to a criminal history record check and a set of the person'sfingerprints in a form acceptable to the Commissioner or to the NationwideMortgage Licensing System and Registry. Refusal to consent to a criminalhistory record check shall constitute grounds for the Commissioner to denyrenewal of the license of the person as well as the license of any other personby whom the person is employed, over which the person has control, or as towhich the person is the current or proposed qualifying individual or current orproposed branch manager.  (2009‑374, s. 2.)