Sec. 15.
(1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires:
(a) The mortgage loan originator continues to meet the requirements for license issuance under section 9(1)(a) to (g).
(b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 17.
(c) The mortgage loan originator has paid the fee required under section 19.
(2) If a mortgage loan originator fails to satisfy the requirements of subsection (1) for renewal of his or her license, the license shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
History: 2009, Act 75, Eff. July 31, 2009 ;-- Am. 2012, Act 150, Imd. Eff. May 30, 2012
Structure Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 75 of 2009 - Mortgage Loan Originator Licensing Act (493.131 - 493.171)
Section 493.131 - Short Title.
Section 493.133 - Definitions.
Section 493.135c - Temporary Authority; Subject to Laws of This State.
Section 493.139 - Issuance of Mortgage Loan Originator License; Findings; Conviction.
Section 493.141 - Prelicensing Education Requirements.
Section 493.143 - Qualified Written Test.
Section 493.145 - Annual Renewal; Expiration; Reinstatement.
Section 493.147 - Continuing Education Requirements.
Section 493.153 - Process for Challenging Information Entered.
Section 493.155 - Powers of Commissioner; Finding of Violation or Noncompliance; Fine.
Section 493.159 - Surety Bond.
Section 493.161 - Privacy or Confidentiality of Information or Material.
Section 493.165 - Licensed Mortgage Loan Originator; Prohibited Conduct.
Section 493.167 - Reports of Condition.
Section 493.169 - Report of Violations; Rules.
Section 493.171 - Unique Identifier of Originator of Residential Mortgage Loan.