Sec. 7-6. Standards for license renewal.
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/il/chapter-205/act-635/7-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7-6. Standards for license renewal.
(a)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 Section 7-3.
(2)The mortgage loan originator has satisfied the annual continuing education
requirements described in Section 7-7.
(3)The mortgage loan originator has paid all required fees for renewal of the license.
(b)The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Director may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.