Section 7. (a) A mortgage loan originator's license issued pursuant to this chapter shall be valid for a period of not more than 1 year. The division may renew a mortgage loan originator's license upon the submission of documents showing that: (i) the mortgage loan originator remains in compliance with this chapter; (ii) the mortgage loan originator has satisfied the annual continuing education requirements pursuant to section 8; and (iii) the mortgage loan originator has paid all required fees for renewal of the license. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire.
(b) The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry. A mortgage loan originator licensed pursuant to this chapter who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.
Structure Massachusetts General Laws
Part III - Courts, Judicial Officers and Proceedings in Civil Cases
Title IV - Certain Writs and Proceedings in Special Cases
Chapter 255f - Licensing of Mortgage Loan Originators
Section 5 - Pre-Licensing Education
Section 6 - Qualified Written Examination
Section 7 - Renewal, Expiration and Reinstatement of Licenses
Section 8 - Continuing Education
Section 10 - Challenge to Information Entered Into Nationwide Mortgage Licensing System and Registry
Section 11 - Administration and Enforcement of Chapter
Section 14 - Investigations and Examinations
Section 15 - Prohibited Conduct Constituting Violation of Chapter