Fla. Admin. Code Ann. R. 69V-40.00661 - Mortgage Lender Branch Office Renewal and Reactivation

(1) In order to renew an active mortgage lender branch office license a licensee must complete the following requirements no later than December 31 of each calendar year in which the licensee wishes to renew the license:

(a) Submit a total payment of $225 paid through the Registry to the Office.

(b) For each of the applicant's control persons, authorize the Registry to obtain and make available to the Office an independent credit report, unless the control person is currently licensed as a loan originator.

(2) A mortgage lender branch office license that is not renewed as required in subsection (1), before January 1 of the renewal year shall revert from active to inactive status. In order to reactivate a mortgage lender branch office license, a licensee must complete the following requirements before March 1 of each calendar year in which the licensee wishes to reactivate the license:

(a) Submit a total payment of $450 paid through the Registry to the Office which includes the following:

1. $225 nonrefundable renewal fee; and,

2. $225 nonrefundable reactivation fee.

(b) For each of the applicant's control persons, authorize the Registry to obtain and make available to the Office an independent credit report, unless the control person is currently licensed as a loan originator.

(3) A mortgage lender branch office license that is not reactivated before March 1 after becoming inactive shall permanently expire.

(4) Request for Additional Information. The Office shall review each branch office renewal request and inform the licensee of any request for additional information required to complete its review. The additional information must be received by the Office within 30 days from the date of the request. Failure by the licensee to respond within 30 days from the date of the request shall be construed by the Office of Financial Regulation as grounds for denial of the renewal request for failure to provide the requested information.

(5) Upon the Office determining that a renewal request has been completed the Office shall determine if the licensee continues to meet the minimum standards for licensure as set forth in section 494.0066, F.S. If a licensee continues to meet the minimum standards for licensure the Office shall renew the branch office license which shall be valid until December 31 of the year following the expiration date of the branch office license. If a licensee does not continue to meet the minimum standards for licensure the Office shall deny the renewal request pursuant to section 494.0066, F.S.

Notes

Fla. Admin. Code Ann. R. 69V-40.00661

Rulemaking Authority 494.0011(2), 494.0066 FS. Law Implemented 494.0011(2), 494.0066 FS.

Adopted by Florida Register Volume 41, Number 223, November 17, 2015 effective 11/30/2015.

New 11-30-15.