License Renewal and Expiration

(1) The license of a Mortgage Loan Originator shall not be transferable or assignable and shall be valid for a period of not more than one year, with an expiration date of December 31st of each year. (2) The Division may renew a Mortgage Loan Originator license if the Licensee fulfills the follow- ing requirements: (a) Timely submission of a complete application for renewal, in the form and manner established under the NMLS. (b) Continuing compliance with M.G.L. c. 255F and 209 CMR 41.00. (c) Satisfaction of annual continuing education requirements, as described in 209 CMR 41.08. (d) Payment of all required fees for the renewal of the license, including but not limited to, investi- gation fees, license fees, and any other outstanding fees, late penalties, or administrative penalties owed to the Division or refunds ordered by the Division to be returned to consumers. (3) Failure of the Licensee to timely satisfy the minimum standards for license renewal as set forth in 209 CMR 41.07(2) shall result in the expiration of his or her Mortgage Loan Originator License as of January 1st of that year. (4) A Mortgage Loan Originator license that has expired may be reinstated by the Commissioner if the individual requests such reinstatement through the NMLS no later than the last day of February of the license year and has satisfied the minimum standards for license renewal as set forth in 209 CMR 41.07(2).