[ Chapter 255F added by 2007, 206, Sec. 15 effective July 1, 2008. See 2007, 206, Sec. 22.]
[ Text of section added by 2007, 206, Sec. 15 effective July 1, 2008. See 2007, 206, Sec. 22.]
Section 5. A mortgage loan originator may transact business only for an employing entity. Each original license issued to a mortgage loan originator must be provided to and maintained by the employing entity at the entity's main office. If the employment of a mortgage loan originator is terminated, the employing entity shall return the mortgage loan originator's license to the division within 5 business days after termination. The reason for termination shall be given in a format determined by rules and regulations of the commissioner. For a period of 1 year after the termination of employment, the mortgage loan originator may request the re-assignment of the license to another entity by submitting an application to the division, along with a fee established by the division by rule. The return of the license of any mortgage loan originator to the division that is not re-assigned to another entity terminates the right of the mortgage loan originator to engage in any residential mortgage loan origination activity until division procedures have been followed to reactivate such license. The license of any mortgage loan originator that has been returned to the division and not re-assigned to another entity within 1 year of termination of employment shall be cancelled.
Each license shall state the name of the mortgage loan originator licensee and the name and main office address of the entity employing such mortgage loan originator.
The commissioner may establish an expedited re-assignment process of a mortgage loan originator's license to another entity if the reason for such re-assignment is directly related to increased responsibilities or compensation.
The commissioner may adopt, amend or repeal rules and regulations to aid in the administration and enforcement of this chapter.