Cal. Code Regs. Tit. 10, § 1422.11 - Reinstatement of License as a Mortgage Loan Originator
(a) A mortgage loan originator license that
has not been renewed between November 1 and December 31 is a lapsed or expired
license. A mortgage loan originator with an expired license may not continue
doing business as a mortgage loan originator unless his or her license is
reinstated.
(b) A mortgage loan
originator may reinstate an expired license if all of the following conditions
are met:
(1) The mortgage loan originator
must submit a request for reinstatement through NMLS before March 1 of the year
immediately following the year the license expired.
(2) All continuing education courses and any
other minimum requirements for the license renewal for the year in which the
license expired must be completed before March 1 of the year immediately
following the year the license expired.
(3) The mortgage loan originator must pay the
applicable licensing fee ($300), reinstatement fee ($100), and any late fees or
penalties. As of January 1, 2011, the mortgage loan originator must pay the
applicable licensing fee ($300), reinstatement fee ($100), and any later fees
or penalties.
(4) The mortgage loan
originator must continue to meet minimum standards for renewal in Section
22109.4 of the
Code.
(c) If a mortgage
loan originator whose license has expired cannot meet the requirements for
reinstatement specified in this section or submits a reinstatement filing on or
after March 1, the mortgage loan originator must apply for a new license and
meet the requirements for licensure in effect at that time.
Notes
2. Editorial correction restoring inadvertently omitted HISTORY 1 (Register 2010, No. 16).
3. New section refiled 9-28-2010 as an emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
3. New section, including amendment of subsection (b)(3), refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b)(3), transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22107, 22108, 22109, 22109.1, 22109.2, 22109.3, 22109.4 and 22109.5, Financial Code.
2. Editorial correction restoring inadvertently omitted History 1 (Register 2010, No. 16).
3. New section refiled 9-28-2010 as an emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
3. New section, including amendment of subsection (b)(3), refiled 12-23-2010 as an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-23-2010 order, including amendment of subsection (b)(3), transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).
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