20 CSR 1140-30.210 - Licensing of Mortgage Loan Originators
(1) Initial Licensing. Application for an
initial Mortgage Loan Originator license shall be made within the procedures
established by the Nationwide Mortgage Licensing System and Registry
(NMLSR).
(2) Incomplete
Applications. Failure to meet a request for additional information within ten
(10) business days may result in denial of the application. A denial under such
circumstances shall not affect subsequent applications filed with the
appropriate fee.
(3) License Renewal
and Expiration. Application for renewal shall be made within the procedures
established by NMLSR. A renewal application not received by the division prior
to December 1 of any year cannot be assured of issuance prior to January 1, at
which time the license will be considered to be expired. Any license which is
not renewed prior to December 31 may require the applicant to file a
reinstatement application as provided for in these rules.
(A) The director may not renew a Mortgage
Loan Originator license unless all required fees, administrative penalties owed
to the director, and any refunds ordered by the director to be returned to
consumers have been paid.
(4) Reinstatement of License. The license of
a mortgage loan originator that expires for failure to satisfy the minimum
standards for renewal or does not allow for sufficient lead time for review and
processing of an application may be reinstated if the licensee meets the
following requirements:
(A) The licensee must
submit a request for reinstatement through the NMLSR;
(B) All continuing education courses and any
other requirements for the license renewal for the year in which the license
expired must be completed; and
(C)
The licensee must pay the applicable licensing, reinstatement, and late
fees/penalties.
1. If the mortgage loan
originator whose license has expired fails to meet the requirements for
reinstatement specified in this section and submits a reinstatement filing
within the parameters established by NMSLR, the mortgage loan originator must
apply for a new license and meet the requirements for licensure in effect at
that time.
2. The director may waive
any late filing penalty or fee for a licensed mortgage loan originator on
active military duty serving outside of Missouri.
(5) Fees.
(A) Initial and renewal applications shall be
made through the NMLSR and shall be accompanied by the applicable fee, which
shall be set by the director from time-to-time, not to exceed two hundred fifty
dollars ($250). Said fees are not refundable.
(B) For each duplicate original license
issued, the director shall collect a duplicate original license fee not to
exceed one hundred fifty dollars ($150).
(C) For each amended license issued, the
director shall collect an amended original license fee not to exceed one
hundred fifty dollars ($150).
(D) A
late fee, not to exceed one hundred fifty dollars ($150), may be assessed to
any mortgage loan originator who fails to submit a renewal application by
December 31 of each year.
Notes
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