32-9-119. Limitations on individual mortgage brokers -- license display -- termination. (1) An individual mortgage broker working as an employee may not transact business for more than one employing mortgage broker.
     (2) The original license issued to an individual mortgage broker working as an employee must be provided to the employing mortgage broker and maintained at the employing mortgage broker's main office. A copy of the individual mortgage broker's license must be displayed at the office where the individual mortgage broker principally transacts business.
     (3) (a) If the employment of an individual mortgage broker that is not a designated manager is terminated, the employing mortgage broker shall return the individual mortgage broker's license to the department within 5 business days after the termination.
     (b) For a period of 6 months after the termination of employment, the individual mortgage broker may request the transfer of the license to another employing mortgage broker by submitting to the department a relocation application containing any information the department requires by rule, along with a fee established by the department by rule.
     (c) The license of any individual mortgage broker that is not transferred to another mortgage broker within the 6-month period is terminated, and the individual may not engage in any residential mortgage loan origination activity until the individual complies with department procedures to reinstate the individual's license.

     History: En. Sec. 10, Ch. 498, L. 2007.