D.C. Mun. Regs. tit. 26, r. 26-C1111

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-C1111 - RENEWAL OF LICENSE

1111.1

In order to renew a license, a licensee shall:

(a) File all required forms and fees that are to be filed directly with the Department, as noted on the NMLS, by no later than October 15 of a given year. If October 15 falls on a Saturday, Sunday, or legal holiday, then the required forms and fees shall be filed no later than the next business day.

(b) When the NMLS renewal period opens, file with the NMLS a renewal license application at least thirty (30) days before the expiration date of the licensee's current license, on a form prescribed by the Department, which shall be accompanied with the required fees as prescribed in Appendix A and any other required information.

1111.2

All mortgage licenses shall expire on December 31st of each year.

1111.3

The minimum standards for license renewal for mortgage loan originators shall include the following:

(a) The mortgage loan originator continues to meet the minimum standards for license issuance under the Act;

(b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 1112; and

(c) The mortgage loan originator has met applicable criminal background check requirements.

1111.4

If a mortgage loan originator has failed to complete continuing education requirements during the time period in which completion of the education requirements is due, as described in the Act, the mortgage loan originator's license shall be ineligible for renewal and shall be deemed to be inactive.

1111.5

A renewal license application filed after the renewal-filing deadline set forth in section 1111.1 above, shall be subject to, and accompanied by, a late renewal fee described in Appendix A in addition to any other fees imposed as prescribed in Appendix A.

1111.6

A license that remains expired after the last day of February of any year, or such other date that may be selected by the NMLS for the same purpose, cannot be renewed. The licensee must apply for a new license.

1111.7

A renewal license application filed after the license expiration deadline set forth in subsection 1111.2, but before the last day of February of any year, shall be subject to, and accompanied by, a reinstatement fee as prescribed in Appendix A.

1111.8

Any fees paid pursuant to this section shall be non-refundable.

1111.9

The Department shall approve or deny a renewal license application no later than sixty (60) days after the date a complete application is filed with the Department. For purposes of this section, an application is complete when the licensee has satisfied all District of Columbia and NMLS licensure requirements.

D.C. Mun. Regs. tit. 26, r. 26-C1111

Final Rulemaking published at 56 DCR 4356, 4365-4366 (June 5, 2009); as amended by Notice of Emergency and Proposed Rulemaking published at 57 DCR 7908 (August 27, 2010)[EXPIRED]; as amended by Notice of Final Rulemaking published at 57 DCR 12219 (December 24, 2010)

Authority: The Commissioner of the Department of Insurance, Securities and Banking (Department), pursuant to the authority set forth in section 22 of the Mortgage Lender and Broker Act of 1996, effective September 9, 1996 (D.C. Law 11-155; D.C. Official Code § 26-1121 (2001)) (Act).