§13-108. Standards for license renewal
1. Minimum standards. The minimum standards for license renewal for mortgage loan originators include the following:
A. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13‑105, subsections 1 to 5; [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. The mortgage loan originator has satisfied the annual continuing education requirements described in section 13‑109; and [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. The mortgage loan originator has paid all required fees for renewal of the license. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2. Failure to satisfy minimum standards of license renewal. If a mortgage loan originator fails to satisfy the minimum standards for license renewal, that individual's license expires. The administrator may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009
9-A §13-103. License and registration required
9-A §13-104. State license and registration application and issuance
9-A §13-105. Issuance of license
9-A §13-106. Prelicensing education for mortgage loan originators
9-A §13-107. Testing of mortgage loan originators
9-A §13-108. Standards for license renewal
9-A §13-109. Continuing education for mortgage loan originators
9-A §13-110. Authority to require license
9-A §13-111. Nationwide mortgage licensing system and registry information challenge process
9-A §13-112. Enforcement authorities, violations and penalties
9-A §13-113. Surety bond or minimum net worth requirements
9-A §13-115. Investigation and examination authority
9-A §13-116. Prohibited acts and practices
9-A §13-117. Report to nationwide mortgage licensing system and registry