32-9-117. Fees -- license renewal -- disposition of fees. (1) (a) Except as provided in subsection (1)(b), an entity seeking licensure as a mortgage broker shall pay an initial nonrefundable license application fee of $500 and an additional application fee of $250 for any branch location. A mortgage loan originator shall pay an initial nonrefundable license application fee of $400. An entity seeking licensure as a mortgage lender shall pay an initial nonrefundable license application fee of $750 and an additional application fee of $250 for any branch location. An applicant shall pay one-half of these initial nonrefundable license application fees for any license period of less than 6 months.
     (b) An individual who is seeking licensure as a mortgage loan originator and who is the owner of an entity that is seeking licensure as a mortgage broker shall pay a single initial nonrefundable license application fee of $500.
     (2) The license of a mortgage broker, mortgage lender, or mortgage loan originator is valid for a 1-year period. A state licensee shall submit a renewal application and pay to the nationwide mortgage licensing system and registry a renewal fee in an amount set by the department by rule. The department shall establish by rule the requirements for renewal applications. The department shall establish a single renewal fee for individuals and entities described in subsection (1)(b). An individual described in subsection (1)(b) may act as a designated manager under 32-9-122 and is not subject to any additional license fees for acting in the capacity of a designated manager. The fees set by the department must be commensurate with the costs of the program. Failure to submit required information or fees within the time prescribed means the license automatically expires. The department may adopt procedures for reinstatement of expired licenses that are consistent with the standards established by the nationwide mortgage licensing system and registry.
     (3) An application for renewal must be accompanied by evidence that the continuing education requirements provided for in 32-9-118 have been met and that there has not been a material change in the status of the licensee in the preceding 12 months. An application for renewal also must demonstrate that the licensee continues to meet the standards for licensure under this part and that the licensee has paid all fees for renewal of the license.
     (4) The state portion of the fees collected under this section must be deposited in the department's state special revenue fund to be used by the department in administering the provisions of this part.
     (5) An applicant for a mortgage broker, mortgage lender, or mortgage loan originator license renewal shall apply for state licensure on an application form approved by the nationwide mortgage licensing system and registry.

     History: En. Sec. 11, Ch. 516, L. 2003; amd. Sec. 1, Ch. 368, L. 2005; amd. Sec. 6, Ch. 498, L. 2007; amd. Sec. 15, Ch. 321, L. 2009.