(1) The renewal fees shall be $50 for mortgage broker entities that are not sole proprietorships, $300 for individual mortgage brokers and sole proprietors and $250 for loan originators. The renewal application forms will be sent by the department to each licensed mortgage broker or loan originator in April. The application must be postmarked or received by May 31.

(2) The continuing education year will be from June 1 to May 31.

(3) No more than six hours of continuing education credits may be carried over to the next licensing year.

(4) The renewal application must be accompanied by evidence that the continuing education requirement has been met and a recent credit report from one of the three recognized credit reporting agencies. They are Experian, Equifax, and Transunion.

(5) Mortgage brokers must include evidence of an irrevocable letter of credit or surety bond.

(6) Mortgage brokers or loan originators shall continuously satisfy all requirements of initial licensure to be eligible for renewal. A renewal application may not be processed or granted until all required information is received.

(7) Failure to renew licenses by May 31 but before July 1 will result in a $250 late fee per license in addition to regular renewal fees.

(8) If the attempt to renew is after June 30, the license is considered expired. Expiration terminates the right to engage in any residential mortgage broker or loan originator activities. The mortgage broker or loan originator must then apply as a new licensee.

(9) The department will not accept applications for original licensure of mortgage brokers or loan originators in the months of May and June because of the volume of license renewals during those months.