69V-40.0322. Mortgage Broker License Renewal and Reactivation

(1) In order to renew an active mortgage broker license a mortgage broker 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 payment of $475 through the Registry for the following:

1. $375 nonrefundable renewal fee; and

2. $100 nonrefundable mortgage broker guaranty fund fee,

(b) Authorize the Registry to obtain and make available to the Office an independent credit report on each control person listed on the licensee’s NMLS Company Form (Form MU1).

(2) A mortgage broker 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 mortgage broker license, a licensee must submit a total payment of $725 paid through the Registry to the Office before March 1 of each calendar year in which the licensee wishes to reactivate the license which includes the following:

(a) $375 nonrefundable renewal fee;

(b) $250 nonrefundable reactivation fee; and,

(c) $100 nonrefundable mortgage broker guaranty fund fee.

(3) A mortgage broker license that is not reactivated before March 1 after becoming inactive shall permanently expire.

(4) For the purposes of this rule, the requirements in paragraph (1)(c) above is not required if the control person is currently licensed as a loan originator and has filed through the Registry a renewal submission of the loan originator license.

(5) Request for additional information. The Office shall review each mortgage broker 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 as grounds for denial of the renewal request.

(6) 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 494.00321, 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 mortgage broker license which shall be valid until December 31 of the year following the expiration date of the mortgage broker license. If a licensee does not continue to meet the minimum standards for licensure the Office shall deny the renewal request pursuant to Section 494.0322(2), F.S.

(7) NMLS Company Form (Form MU1) is incorporated by reference in Rule 69V-40.002, F.A.C.

Rulemaking Authority 494.0011(2), 494.00322 FS. Law Implemented 494.0011(2), 494.00322 FS. History–New 10-1-10, Amended 11-30-15.