Delaware Code Title 5 Sec. 2409 – Standards for license renewal
(a) Every licensee who desires to continue to engage in the business of a mortgage loan originator with respect to any dwelling located in this State shall, at least 30 days prior to the expiration of a license, apply to the Commissioner for a license renewal in a form as prescribed by the Commissioner. Each such form shall request such information as the Commissioner may designate and may be changed or updated as necessary by the Commissioner in order to carry out the purposes of this chapter.
Terms Used In Delaware Code Title 5 Sec. 2409
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2403
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) 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 § 2406(a)(1)-(6) of this title;
(2) The mortgage loan originator has satisfied the annual continuing education requirements described in § 2410 of this title; and
(3) The mortgage loan originator has paid all required fees for renewal of the license.
(c) The Commissioner may mandate that an application for a license renewal shall be treated as a new application if the renewal application is not on file with the office of the Commissioner at least 30 days prior to the expiration of the license.
76 Del. Laws, c. 421, § ?1; 70 Del. Laws, c. 186, § ?1; 77 Del. Laws, c. 96, § ?1;