R162-2c-204. License Renewal, Reinstatement, and Reapplication

  (1) Deadlines.

  (a) License renewal.

  (i) To renew on time, a person who holds an active license as of October 31 shall renew by December 31 of the same calendar year.

  (ii)(A) A person who obtains a license on or after November 1 shall renew by December 31 of the following calendar year.

  (B) A person who is not required to renew in the first year of licensure pursuant to this Subsection (1)(a)(ii)(A) shall nevertheless complete, prior to December 31 of the first year of licensure, continuing education as required for renewal pursuant to Subsection R162-2c-204(3)(a) if the individual did not complete the mortgage loan originator national pre-licensing education during the calendar year.

  (b) Reinstatement. The deadline to reinstate a license that expires on December 31 is February 28 of the year following the date of expiration.

  (c) After the reinstatement deadline passes, a person shall reapply for licensure pursuant to Subsection R162-2c-204(3)(c).

  (2) Qualification for renewal.

  (a) Character.

  (i) Individuals applying to renew or reinstate a license shall evidence that they maintain good moral character, honesty, integrity, and truthfulness as required for initial licensure.

  (ii)(A) An individual applying for a renewed license may not have:

  (I) a felony that resulted in a conviction or plea agreement during the renewal period; or

  (II) a finding of fraud, misrepresentation, or deceit entered against the applicant by a court of competent jurisdiction or a government agency and occurring within the renewal period.

  (B) A licensee shall submit a fingerprint background report in order to renew a license every fifth year following the renewal period beginning November 1, 2015.

  (iii) The division may deny an individual applicant a renewed license upon evidence, as outlined in Subsection R162-2c-202(1)(b), of circumstances that reflect negatively on the applicant's character, honesty, integrity, or truthfulness and that:

  (A) occurred during the renewal period; or

  (B) were not disclosed and considered in a previous application or renewal.

  (iv) The division may deny an entity applicant a renewed license upon evidence that a control person fails to meet the standards for character, honesty, integrity, and truthfulness required of individual applicants.

  (b) Competency.

  (i) Individual applicants and control persons shall evidence that they maintain the competency required for initial licensure.

  (ii) The division may deny an individual applicant a renewed license upon evidence, as outlined in Subsection R162-2c-202(2), of circumstances that reflect negatively on the applicant's competency and that:

  (A) occurred during the renewal period; or

  (B) were not disclosed and considered in a previous application or renewal.

  (iii) The division may deny an entity applicant a renewed license upon evidence that a control person fails to meet the standard for competency required of individual applicants.

  (c) Financial responsibility. A licensee shall submit a credit report in order to renew a license every fifth year following the renewal period beginning November 1, 2015.

  (3) Education requirements for renewal, reinstatement, and reapplication.

  (a) License renewal.

  (i) Except as provided in this Subsection (3)(a)(ii), an individual who holds an active license as of January 1 of the calendar year shall complete, within the calendar year in which the individual's license is scheduled to expire, the following courses, none of which may be duplicative of courses taken in the same or preceding renewal period:

  (A) a division-approved course on Utah law, completed annually; and

  (B) eight hours of continuing education approved through the nationwide database, as follows:

  (I) three hours federal laws and regulations;

  (II) two hours ethics (fraud, consumer protection, fair lending issues);

  (III) two hours training related to lending standards for non-traditional mortgage products; and

  (IV) one hour undefined instruction on mortgage origination.

  (C) In addition to other required continuing education, a mortgage loan originator licensed with the State of Utah on or after May 8, 2017, shall complete a division-approved continuing education course for new loan originators prior to renewing at the end of the first full calendar year of licensure.

  (ii) An individual who completes the mortgage loan originator national pre-licensing education between January 1 and December 31 of the calendar year is exempt from continuing education, including the division-approved courses for new loan originators and on Utah law specified in Subsections (3)(a)(i)(A) and (3)(a)(i)(C), for the renewal period ending December 31 of the same calendar year.

  (b) Reinstatement. To reinstate an expired mortgage loan originator or lending manager license, an individual shall, by February 28 of the calendar year following the date on which the license expired, complete:

  (i) the division-approved course on Utah law specified in Subsection (3)(a)(i)(A); and

  (ii) eight hours of continuing education:

  (A) in topics listed in this Subsection (3)(a)(i)(B); and

  (B)(I) approved by the nationwide database as "continuing education" if completed prior to the date of expiration; or

  (II) approved by the nationwide database as "late continuing education" if completed between the date of expiration and the deadline for reinstatement.

  (c) Reapplication.

  (i) To reapply for licensure after the reinstatement deadline passes and by or before December 31 of the calendar year following the date on which the license expired, an individual shall complete the division-approved course on Utah law and continuing education requirement outlined in this Subsection (3)(b).

  (ii) To reapply for licensure after the deadline described in this Subsection (3)(c)(i) passes, an individual shall:

  (A) complete eight hours of continuing education:

  (I) in topics listed in this Subsection (3)(a)(i); and

  (II) approved by the nationwide database as "late continuing education"; and

  (B) within the 12-month period preceding the date of reapplication, take and pass:

  (I) the 15-hour Utah-specific mortgage loan originator pre-licensing education, if the terminated license was a mortgage loan originator license; or

  (II) the 40-hour Utah-specific lending manager pre-licensing education and associated examination, if the terminated license was a lending manager license; and

  (C) complete the division-approved course on Utah law specified in Subsection (3)(a)(i)(A).

  (4) Renewal, reinstatement, and reapplication procedures.

  (a) An individual licensee shall:

  (i) evidence having completed education as required by Subsection R162-2c-204(3);

  (ii) submit to the division the jurisdiction-specific documents and information required by the nationwide database; and

  (iii) submit through the nationwide database:

  (A) a request for renewal, if renewing or reinstating a license; or

  (B) a request for a new license, if reapplying; and

  (iv) pay all fees as required by the division and by the nationwide database, including all applicable late fees.

  (b) An entity licensee shall:

  (i) submit through the nationwide database a request for renewal;

  (ii) submit to the division the jurisdiction-specific documents and information required by the nationwide database;

  (iii) renew the registration of any branch office or other trade name registered under the entity license; and

  (iv) pay through the nationwide database all fees, including all applicable late fees, required by the division and by the nationwide database.