1. (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 a lapsed or expired license is not authorized to continue doing business as a mortgage loan originator unless his or her license is reinstated.

2. (b) A mortgage loan originator may reinstate an expired license if the following conditions are met:

   1. (1) The mortgage loan originator must submit a request for reinstatement through NMLS after December 31 and before March 1 of the year immediately following the year the license expired.
   2. (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 following the year the license expired.
   3. (3) The mortgage loan originator must pay the applicable license renewal 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 late fees or penalties.
   4. (4) The mortgage loan originator must continue to meet minimum standards for renewal in Section 50141 of the Code.
3. (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.

Note: Authority cited: Sections 50002 and 50304, Financial Code. Reference: Sections 50140, 50141, 50142, 50143, 50144, 50145 and 50146, Financial Code.

History

1. New section filed 4-1-2010 as an emergency; operative 4-1-2010 (Register 2010, No. 14). A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.

2. 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 A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.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) and Note, transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative 5-25-2011 (Register 2011, No. 17).