§454F-22 Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan originator company, and nonprofit organization fees.

558 words·~3 min read·/hi/454f-22

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as provided in subsection (b), a mortgage loan originator shall pay the following fees to obtain and maintain a valid mortgage loan originator license:

(1)Initial application fee of $600;

(2)Annual license renewal fee of $350;

(3)Reinstatement fee of $100;

(4)Late fee of $25 per day; and

(5)Criminal background check fee pursuant to section 454F-4(d)(1).

(b)A sole proprietorship mortgage loan originator shall pay the following fees to obtain and maintain a valid sole proprietor mortgage loan originator license:

(1)Initial application fee of $35;

(2)Annual license renewal fee of $35;

(3)Reinstatement fee of $100;

(4)Late fee of $25 per day; and

(5)Criminal background check fee pursuant to section 454F-4(d)(1).

(c)A mortgage loan originator company shall pay the following fees to maintain a valid mortgage loan originator company license or branch license:

(1)Fees payable for a principal office of a mortgage loan originator company:

(A)Initial application fee of $900;

(B)Processing fee of $35 for each control person;

(C)Annual license renewal fee of $600;

(D)Reinstatement fee of $100;

(E)Late fee of $25 per day; and

(F)Criminal background check fee pursuant to section 454F-4(d)(1).

(2)Fees payable for each branch office of a mortgage loan originator company:

(A)Initial application fee of $250;

(B)Annual license renewal fee of $100;

(C)Reinstatement fee of $100; and

(D)Late fee of $25 per day.

(d)An exempt sponsoring mortgage loan originator company shall pay the following fees to maintain a valid registration in NMLS:

(1)Initial registration fee of $200;

(2)Annual registration renewal fee of $150; and

(3)Late fee of $25 per day.

(e)A nonprofit organization shall pay the following fees to maintain a valid registration as a nonprofit organization in NMLS:

(1)Initial registration fee of $200;

(2)Annual registration renewal fee of $150; and

(3)Late fee of $25 per day.

(f)In addition to fees charged by NMLS, a licensee shall pay to the commissioner a fee of $100 for each of the following amendments to information provided to NMLS that require the review of the commissioner:

(1)Change of physical location or mailing address for branch office or principal place of business;

(2)Addition or deletion of a "d/b/a" assignment;

(3)Change of mortgage loan originator's sponsor;

(4)Change of qualified individual;

(5)Change of branch manager; and

(6)Change of mortgage loan originator company's legal name.

The commissioner, upon a showing of good cause, may waive any fee set forth in this subsection.

(g)The fees established by this section are nonrefundable and are in addition to any fees established and charged by NMLS, an approved educational course provider, an approved educational testing provider, a law enforcement agency for fingerprints and background checks, or a credit reporting agency used by NMLS.

(h)The commissioner may establish, by rule pursuant to chapter 91, any other fees or charges necessary for the administration of this chapter. [L 2010, c 84, pt of §3; am L 2011, c 194, §13; am L 2012, c 252, §10; am L 2013, c 168, §18; am L 2014, c 198, §9; am L 2016, c 122, §16; am L 2017, c 150, §9]