443.833. Renewal of license, date, procedure, fee--failure to renew, license becomes inactive, reactivation--expires, when.
Renewal of license, date, procedure, fee--failure to renew, licensebecomes inactive, reactivation--expires, when.
443.833. 1. Residential mortgage loan broker licenses shall berenewed on the first anniversary of the date of issuance and every twoyears thereafter or as otherwise determined by the director to implement asystem of licensing compatible with the NMLSR. Renewal application formsand fees shall be submitted to the director at least sixty days before therenewal date.
2. The director shall send notice at least ninety days before theresidential mortgage loan broker's renewal date, but failure to send orreceive such notice is no defense for failure to timely renew, except whenan extension for good cause is granted by the director. If the directordoes not grant an extension and the residential mortgage loan broker failsto submit a completed renewal application form and the proper fees in atimely manner, the director may assess additional fees as follows:
(1) A fee of five hundred dollars shall be assessed the residentialmortgage loan broker thirty days after the proper renewal date, and onethousand dollars each month thereafter, until the license is either renewedor expires pursuant to subsections 3 and 4 of this section;
(2) Such fee shall be assessed without prior notice to theresidential mortgage loan broker, but shall be assessed only in cases wherethe director possesses documentation of the residential mortgage loanbroker's continuing activity for which the unrenewed license was issued.
3. A license which is not renewed by the date required in thissection shall automatically become inactive. No activity regulated bysections 443.701 to 443.893 shall be conducted by the residential mortgageloan broker when a license becomes inactive. An inactive license may bereactivated by filing a completed reactivation application with thedirector, payment of the renewal fee, and payment of a reactivation feeequal to the renewal fee.
4. A license which is not renewed within one year of becominginactive shall expire.
(L. 1994 S.B. 718 § 10 subsecs. 1 to 4, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382)Effective 7-08-09