Section 187.19.5. Reinstatement of license.

       19.5(1) The license of a mortgage loan originator that expires for failure to satisfy the minimum standards for renewal may be reinstated if the licensee meets the following requirements:

        a.           The application for reinstatement is submitted between January 1 and February 28 of the year immediately following the year the license expired.

        b.           All continuing education courses and any other minimum requirements for license renewal for the year in which the license expired are completed prior to submission of the application for reinstatement.

        c.           The licensee pays a reinstatement fee of $50, in addition to the renewal fee, and any late charges.

       19.5(2) A mortgage loan originator whose license has expired and who fails to meet the requirements for reinstatement specified in this rule must apply for a new license and meet the requirements in effect at that time.

[ARC 8239B, IAB 10/21/09, effective 11/25/09]