(a) The minimum standards for license renewal for mortgage loan originators shall include the following:
(1) The mortgage loan originator continues to meet the minimum standards for license issuance under section five of this article;
(2) The mortgage loan originator has satisfied the annual continuing education requirements described in section nine of this article; and
(3) The mortgage loan originator has paid all required fees for renewal of the license.
(b) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal 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.
Structure West Virginia Code
Article 17A. West Virginia Safe Mortgage Licensing Act
§31-17A-3. License and Registration Required
§31-17A-4. State License Application and Issuance
§31-17A-5. Issuance of License
§31-17A-6. Prelicensing and Relicensing Education of Loan Originators
§31-17A-7. Testing of Loan Originators
§31-17A-8. Standards for License Renewal
§31-17A-9. Continuing Education for Mortgage Loan Originators
§31-17A-10. Authority to Require License
§31-17A-11. Nationwide Mortgage Licensing System and Registry Information Challenge Process
§31-17A-12. Enforcement Authorities, Violations and Penalties
§31-17A-13. Surety Bond Required
§31-17A-15. Investigation and Examination Authority
§31-17A-16. Prohibited Acts and Practices
§31-17A-17. Report to Mortgage Licensing System and Registry