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, effective 09-2018, which is hereby incorporated by reference, and also incorporated by reference in rule 69V-40.002, F.A.C., and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09912. For complete processing, Form OFR-MIL-001 must be submitted within one hundred eighty (180) days after payment of renewal fees.

Rulemaking Authority 494.0011(2), 494.00312(8), 494.00313, 494.00313(4) FS. Law Implemented 494.0011(2), 494.00312(8), 494.00313 FS. History–New 10-1-10, Amended 11-30-15, 11-24-16, 9-25-18.