N.J. Admin. Code § 3:15-2.14 - Requirements regarding licenses and renewal of the licenses of mortgage loan originators and qualified individual licensees

(a) When applying to renew a license pursuant to this section, a qualified individual licensee or mortgage loan originator in good standing shall submit a completed renewal application as may be required by the Commissioner or NMLSR and which shall include at a minimum the following:

1. Payment of any required fees to the NMLSR; and

2. Evidence of completion of continuing education requirements.

(b) The license shall contain the name of the mortgage loan originator, the name of the employing licensee, and the address of the office location of the employing licensee from which the mortgage loan originator operates. The employing licensee shall make available for inspection the licenses at the licensed office from which the mortgage loan originator operates.

(c) Within five calendar days after a mortgage loan originator ceases his or her affiliation with a business licensee, the employing licensee shall return the license to the Department. It is not necessary for an employing licensee to return the license of a mortgage loan originator who changes from one branch location of the employing licensee to another branch office of that licensee.

(d) Within 10 calendar days after a qualified individual licensee ceases to be affiliated with a business licensee in that capacity, the qualified individual licensee shall return the license to the Department.

Notes

N.J. Admin. Code § 3:15-2.14

New Rule, R.1997 d.257, effective 6/16/1997.
See: 29 N.J.R. 1489(a), 29 N.J.R. 2641(a).
Amended by R.2002 d.353, effective 11/4/2002.
See: 34 N.J.R. 1775(a), 34 N.J.R. 3795(a).
Rewrote (a); in (b)2, rewrote the first sentence, substituted "$ 100.00" for "$ 50.00" throughout, substituted "$ 15.00" for "$ 10.00" in the last sentence, and added 3; in (c), inserted "for each solicitor" following "registration certificate" in the first sentence and inserted a third sentence.
Amended by R.2006 d.235, effective 6/19/2006.
See: 38 N.J.R. 10(a), 38 N.J.R. 2674(a).
In (b)2, inserted "his or her", substituted "banker" for "broker" and deleted the last sentence; in (c), substituted "2007" for "1997" and "2009" for "1999" and deleted the last sentence; and added (g).
Amended by R.2008 d.70, effective 4/7/2008.
See: 39 N.J.R. 4361(a), 40 N.J.R. 1826(b).
In (b)2, deleted "two-year" following "within the" and substituted "an additional" for "the"; and in (c), inserted ", upon renewal," and "in accordance with the registration period", and inserted the last sentence.
Recodified from N.J.A.C. 3:15-2.13 and amended by R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Section was "Registration of mortgage solicitors". Rewrote the section. Former N.J.A.C. 3:15-2.14, Change of control, recodified to N.J.A.C. 3:15-2.16.