1301:8-7-10 Loan officer renewal application for licensure; issuance of renewal license; expiration.

(A) All licenses expire on the thirtieth day of April of each year regardless of when the license was issued.

(B) A licensee is responsible for ensuring that his or her renewal application is timely filed. The division will attempt to send reminder notices to licensees at the home, work, or to an e-mail address on file, but failure of a licensee to receive the reminder for any reason will not relieve the licensee of the renewal deadline.

(C) A renewal application must be timely filed to prevent any lapse in licensing and the ability to originate residential mortgage loans:

(1) The application must be received by the division no later than the thirtieth day of April. The license of a person whose renewal application is received by the thirtieth day of April is considered active and the person may continue to engage in activities that require a license.

(2) Renewal applications received on the first day of May to the thirty-first day of May must include a one hundred dollar late fee in addition to regular renewal fees. The license of a person whose application is received on the first day of May to the thirty-first day of May is considered active and the person may continue to engage in activities that require a license.

(3) If a renewal application is received after the thirty-first day of May, the application will not be accepted for filing and will be returned. The license of a person whose application is received after the thirty-first day of May is expired. Expiration terminates the right to engage in any activity described in division (B) of rule 1301:8-7-08 of the Administrative Code. The individual may obtain a new license by complying with the requirements and procedures for obtaining an original license found in division (A) of section 1322.031 of the Revised Code, and division (A) of rule 1301:8-7-09 of the Administrative Code. Engaging in any activity described in division (B) of rule 1301:8-7-08 of the Administrative Code on or after the first day of May by an individual who fails to submit a renewal application to the division by the thirty-first day of May constitutes unlicensed activity in violation of division (B) of section 1322.02 of the Revised Code, and both the individual and the employing registrant may be subject to administrative and or criminal penalties.

(D) To be eligible for renewal, a loan officer must have fulfilled the annual continuing education requirements of the preceding calendar year, and must continuously satisfy all requirements of initial licensure.

(E) A licensee who wishes to apply to renew his or her license must submit:

(1) A non-refundable application fee of one hundred dollars and any applicable penalty fee for late filing as set forth in division (C)(2) of this rule;

(2) A completed license renewal application form approved by the superintendent of the division of financial institutions. If the renewal application is incomplete when submitted, it may be deemed unacceptable and returned for completion. An application is deemed incomplete if it does not have the necessary documents attached; if it is not accompanied by the appropriate fee(s); if any portion of it is not properly executed; if any portion of it is missing; or if any questions are unanswered, incompletely answered or missing any required details; and

(3) Any other information requested by the superintendent.

(F) A licensee cannot transfer his or her license by filing a renewal application through or with a new registrant. To transfer a license, a licensee must comply with rule 1301:8-7-11 of the Administrative Code.

(G) Each question on the license application is material to the licensing process. Submitting false or incomplete information or omitting information in connection with a license application is grounds for denial or revocation of the license and may subject the applicant to civil or criminal penalties.

(H) If the information contained in a renewal application for licensure as a loan officer becomes inaccurate for any reason before the applicant becomes licensed, the applicant shall be responsible for correcting the inaccurate information within ten days of the change. Any name change request must be made in compliance with division (I) of rule 1301:8-7-19 of the Administrative Code and must be accompanied by a copy of the name change order, such as, marriage license, divorce decree, or court order. Any address change must comply with division (H) of rule 1301:8-7-19 of the Administrative Code.

(I) An applicant may request the withdrawal of a renewal application prior to a determination of the application being made by the superintendent of the division of financial institutions by submitting a written request that the application be withdrawn. A request to withdraw a loan officer license application can only be submitted by the applicant. The application may only be withdrawn with the permission of the superintendent.

(J) All application fees are non-refundable regardless of whether an application is withdrawn or denied.

(K) Upon approval of a renewal application, a license will be issued for the remainder of the annual licensure period, which ends the following thirtieth day of April.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2009
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.041
Prior Effective Dates: 9-1-06