Fla. Admin. Code Ann. R. 69V-40.0313 - Loan Originator License Renewal and Reactivation
(1) In order to
renew an active loan originator license a licensee must submit the following to
the Office no later than December 31 of each calendar year in which the
licensee wishes to renew the license:
(a)
Submit a total payment of $176.00 paid through the Registry which includes the
following:
1. $150 nonrefundable renewal
fee;
2. $20 nonrefundable mortgage
broker guaranty fund fee; and,
3.
$6 to cover the cost of fingerprint retention as required to comply with
Section 494.00313(1)(b),
F.S.
(b) Authorize the
Registry to obtain and make available to the Office an independent credit
report on the licensee.
(c)
Confirmation from the Registry that the loan originator has satisfied the
requirement to complete an 8-hour continuing education class approved by the
Registry, of which a minimum of 1 hour shall cover the provisions of Chapter
494, F.S., and rule Chapter 69V-40, F.A.C.;
(2) A loan originator 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 loan
originator license, a licensee must submit the following to the Office before
March 1 of each calendar year in which the licensee wishes to reactivate the
license:
(a) Submit a total payment of $326.00
paid through the Registry, which includes the following:
1. $150 nonrefundable renewal fee;
2. $150 nonrefundable reactivation
fee;
3. $20 nonrefundable mortgage
broker guaranty fund fee; and,
4.
$6 to cover the cost of fingerprint retention as required to comply with
Section 494.00313(1)(b),
F.S.
(b) Confirmation
from the Registry that the loan originator has satisfied the requirement to
complete an 8-hour continuing education class approved by the Registry, of
which a minimum of 1 hour shall cover the provisions of Chapter 494, F.S., and
rule Chapter 69V-40, F.A.C.
(3) A loan originator license that is not
reactivated before March 1 after becoming inactive shall permanently
expire.
(4) Request for Additional
Information. The Office shall review each loan originator 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
494.00312, F.S., Rules
69V-40.00112 and
69V-40.0113, F.A.C. If a
licensee continues to meet the minimum standards for licensure the Office shall
renew the loan originator license which shall be valid until December 31 of the
year following the expiration date of the loan originator license. If a
licensee does not continue to meet the minimum standards for licensure the
Office shall deny the renewal request pursuant to Section
494.00313(2),
F.S.
(6) Persons wishing to obtain
a waiver of licensure fees as set forth in Section
494.00313(4),
F.S., shall submit to the Office of Financial Regulation, via electronic filing
through the Registry, a completed Office of Financial Regulation Active
Military Member/Veteran/Spouse Fee Waiver and Military Service Verification,
Form OFR-MIL-001, which is incorporated by reference in Rule
69V-40.002, F.A.C. For complete
processing, Form OFR-MIL-001 must be submitted within one hundred eighty (180)
days after payment of renewal fees.
Notes
Rulemaking Authority 494.0011(2), 494.00312, 494.00313 FS. Law Implemented 494.0011(2), 494.00312, 494.00313 FS.
New 10-1-10, Amended 11-30-15, 11-24-16, 9-25-18.
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