Maine Revised Statutes Title 9-A Sec. 13-108 – Standards for license renewal
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1. Minimum standards. The minimum standards for license renewal for mortgage loan originators include the following:
A. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13?105, subsections 1 to 5; [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. The mortgage loan originator has satisfied the annual continuing education requirements described in section 13?109; and [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. The mortgage loan originator has paid all required fees for renewal of the license. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 13-108
- Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
- 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 takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
- Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
2. Failure to satisfy minimum standards of license renewal. If a mortgage loan originator fails to satisfy the minimum standards for license renewal, that individual‘s license expires. The administrator may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).