Operations and Supervision of Residential Mortgage Loan Brokers

PURPOSE: This rule establishes procedures and guidelines for the licensing of residential mortgage loan brokers and the fees associated therewith. (1) Creation of a company/business account/record through the Nationwide Mortgage Licensing System and Registry (NMLSR). (A) Prior to initial licensure or renewal, each applicant for a broker’s license shall create a company/business account/record or otherwise register through the NMLSR or its successor(s), in order to obtain a unique or other identifier assigned by protocols established by the NMLSR. Applicants shall continue to satisfy the requirements set forth by the NMLSR in order to keep its company/business account/record in current or active status, including but not limited to the payment of any applicable fees. (B) Applicants for initial licensure or renewal shall apply through the NMLSR on forms acceptable to the director and shall be verified by the oath or affirmation of the applicant or a principal officer thereof. In addition to the documents and information required by law or rule, the director may require additional information in order to enable the director to determine that the applicant meets or the licensee continues to meet the requirements of the Missouri Secure and Fair Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act. Where the NMLSR does not make available submission of any document or report required or permitted by law to be filed with the director, an applicant shall directly submit such information to the director in the format requested. (C) Notwithstanding a licensee’s biennial renewal anniversary date, each licensee shall annually attest to the completeness, truthfulness, and accuracy of its company/business account/record during the annual year-end renewal period established by the NMLSR. Failure to do so shall result in the suspension of the broker’s license. (2) Initial Licensing. Applications for an initial broker’s license shall be in a form prescribed by the director and shall include a nonrefundable license investigation fee which shall be set by the director from time-to-time, not to exceed one thousand five hundred dollars ($1,500). (A) Failure to meet a request for additional information within ten (10) business days may result in denial of the application. A denial under such circumstances shall not affect subsequent applications filed with the appropriate investigation fee. (B) Upon approval of an initial broker’s license, the director shall collect a nonrefundable license fee, which shall be set by the director from time-to-time, not to exceed one thousand five hundred dollars ($1,500). The license fee shall cover the licensing of the broker’s main office in Missouri. Additional licensing fees for the establishment of branch locations will apply as provided for in these rules. (3) Renewal Applications. Applications for renewal of a broker’s license shall be in a form prescribed by the director and may require a nonrefundable license investigation fee which shall be set by the director from time-to-time, not to exceed one thousand five hundred dollars ($1,500). Such completed renewal application shall be received by the director at least sixty (60) days prior to such licensee’s biennial renewal date. Upon approval of a biennial renewal of a broker’s license, the director shall collect a nonrefundable renewal license fee, which shall be set from time-to-time by the director, not to exceed three thousand dollars ($3,000), one half (1/2) of which is to be paid upon issuance of the license, and the balance one (1) year thereafter. Failure by an existing licensee to submit a renewal application and any applicable investigation fees to the director at least sixty (60) days in advance of a licensee’s biennial renewal date may not allow sufficient time for the director to process the licensee’s renewal application and may result in the expiration of licensee’s existing license. (4) Fees. The director may assess the reasonable costs of an investigation incurred by the division that are outside the normal expense of any annual or special examination or any other costs incurred by the division as a result of a licensee’s violation of sections 443.701 to 443.893, RSMo, or these rules. (A) For each duplicate original license issued, the director shall collect a duplicate original license fee not to exceed one hundred fifty dollars ($150). (B) For each amended license issued, the director shall collect an amended original license fee not to exceed one hundred fifty dollars ($150). (C) For each notice of change of officers or directors or change of name or address, the director shall collect a fee not to exceed one hundred fifty dollars ($150). A broker must report any change in directors or principal officers within thirty (30) days to the director. (D) Each licensee who intends to operate and maintain an additional full-service office shall file a Notice of Intent to Establish an Additional Full-Service Office on a form prescribed by the director, thirty (30) days prior to the proposed operation; the director shall collect a fee not to exceed one hundred fifty dollars ($150) at the time the notice is filed. AUTHORITY: sections 443.821, 443.825, 443.827, 443.833, 443.839, 443.843, 443.869, and 443.887, RSMo Supp. 2013.* Emergency rule filed April 5, 2010, effective April 18, 2010, expired Jan. 26, 2011. Original rule filed April 15, 2010, effective Nov. 30, 2010. Amended: Filed Sept. 16, 2013, effective April 30, 2014. *Original authority: 443.821, RSMo 1994, amended 1995, 2001, 2009; 443.825, RSMo 1994, amended 1995, 2001, 2009, 2009; 443.827, RSMo 1994, amended 1995, 2001, 2009; 443.833, RSMo 1994, amended 1995, 2001, 2009; 443.839, RSMo 1994, amended 1995, 2001, 2009; 443.843, RSMo 1994, amended 1995, 2009; 443.869, RSMo 1994, amended 1995, 2001, 2009; and 443.887, RSMo 1994, amended 1995, 2001, 2009.