1. (1) A mortgage loan originator license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage loan originator license, a mortgage loan originator shall submit all information required to the National Mortgage Licensing System and Registry. The renewal application shall include evidence that:

   1. (a) The mortgage loan originator attests that all information contained in the renewal request and application is true and accurate;
   2. (b) The applicant continues to meet the minimum requirements for a mortgage loan originator license in ORS 86A.212;
   3. (c) The applicant paid any required fee, as applicable, under OAR 441-880-0400; and
   4. (d) The applicant completed twenty hours of pre-licensure education or ten hours of continuing education that comply with the requirements in OAR 441-880-0310.

2. (2) A person applying to reinstate a mortgage loan originator license that has lapsed for a period of five or more years, whether or not the applicant was employed or continued to engage in business as a mortgage loan originator during the period of the lapse, shall:

   1. (a) Complete the continuing education requirements under this section (1) of this rule; and
   2. (b) Pass a qualified written test under ORS 86A.215 and OAR 441-880-0215.

Statutory/Other Authority

ORS 86A.242

Statutes/Other Implemented

ORS 86A.215 & 86A.218

History

FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
FCS 4-2012, f. & cert. ef 8-1-12
FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10