(1) In addition to the initial nonrefundable license application fee of five hundred fifty dollars required by Section 40-58-50, first time mortgage broker licensees also shall pay a one-time, nonrefundable processing fee of two hundred dollars. Thereafter, a mortgage broker licensee shall pay an annual nonrefundable renewal fee of five hundred fifty dollars. A mortgage broker licensee shall pay an initial nonrefundable fee of one hundred fifty dollars and, thereafter, a nonrefundable renewal fee of one hundred fifty dollars for each branch or satellite location.
(2) The initial nonrefundable license fee is fifty dollars for an originator license, and fifty dollars, nonrefundable, for a renewal license. In addition, all licensees must pay the cost of obtaining state criminal history record checks as the department may require. The broker shall notify the department in writing ten days before opening a new, official branch or satellite location. No initial fee is required when the licensee notifies the department of a change in address for an official branch or satellite location.
(B) The term of each license is one year. Licenses issued under this chapter expire on September thirtieth each year for mortgage brokers and March thirty-first for originators and must be renewed in accordance with the provisions of this section.
(C) Failure to renew a license within thirty days of its expiration results in the license being canceled by the department requiring the licensee to complete the initial licensing process, including a criminal records check. A license renewed within thirty days of expiration must be accompanied by a late penalty of two hundred fifty dollars for mortgage brokers and twenty-five dollars for originators in addition to the nonrefundable renewal fee. All renewable applications must contain information required by the department. All fees collected by the department pursuant to this chapter must be used to implement the provisions of this chapter.