32-10-204. License renewal. (1) Residential mortgage lender licenses must be renewed annually and expire on September 30. Properly completed renewal application forms and nonrefundable renewal fees set by rule must be received by the department by July 31.
     (2) It is the responsibility of each licensee to renew its license. Failure of the licensee to receive renewal forms, absent a request by the licensee for forms sent by certified mail, does not waive the licensee's renewal responsibility. Failure by a licensee to submit a properly completed renewal application form and nonrefundable renewal fees in a timely fashion, absent a written extension from the department, will result in the assessment of additional fees and the reversion of the license to an inactive status. A residential mortgage lender license that is not renewed by September 30 automatically expires.
     (3) A licensee that ceases any activity regulated by this chapter and that desires to discontinue being licensed as a mortgage lender shall inform the department in writing and at the same time convey the license and all other symbols or indicia of licensure. The licensee shall include a plan for the withdrawal from regulated business, including a timetable for the disposition of the business, and shall identify the location where the books, accounts, records, and documents will be kept until the end of the retention period provided for in 32-10-310.
     (4) An application for the renewal of an existing residential mortgage lender license must contain the information specified pursuant to this chapter and by department rule. However, only the requested information that has changed from the most recent application must be submitted.

     History: En. Sec. 7, Ch. 369, L. 2007.