209 CMR, § 41.06 - Termination and Reassignment
(1) Upon the
termination of the relationship between an Employing Entity and the Mortgage
Loan Originator, the Employing Entity shall notify the Division within five
business days after the termination. The Employing Entity shall set forth the
reason(s) for termination and shall submit such statement through the NMLS;
provided, however, that if the Employing Entity is unable to submit such
statement through the NMLS, it may submit the statement in writing directly to
the Division.
(2) For a period of
one year after the termination of employment or association, the Mortgage Loan
Originator may request re-assignment of the mortgage loan originator license to
another Entity by submitting an application for a change of sponsorship through
the NMLS to the Division and paying the required fee, as determined by the
Commissioner.
(3) When the
relationship between the Employing Entity and the Mortgage Loan Originator is
terminated, the license shall become inactive and the Mortgage Loan Originator
shall not be authorized to engage in any residential mortgage loan origination
activity unless and until the Mortgage Loan Originator's license has been
re-assigned to another Entity and all Division procedures have been followed to
re-assign and reactivate such license. A Licensee shall be required to continue
to submit a completed renewal application, with the applicable renewal fee, and
to complete the required continuing education courses while the license is in
an inactive status.
(4) A Mortgage
Loan Originator license that has been in an inactive status for over one year
shall be cancelled.
Notes
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