Sec. 06.60.120. Transfer of business.
A mortgage licensee may only transfer or assign the licensee’s business if (1) an application is made to the department to transfer or assign the business to another mortgage licensee with the same type of mortgage license as the transferring or assigning mortgage licensee; (2) at least 30 days before the effective date of the […]
Sec. 06.60.130. Change in business control or business operations.
(a) The prior approval of the department that is made in a record is required for the continued operation of a mortgage licensee’s business when a change in control of the mortgage licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The mortgage licensee […]
Sec. 06.60.135. Records of mortgage licensee.
(a) The requirements of this section apply to the business transactions of a mortgage licensee or registered depository institution that occur entirely or partially in this state. (b) A mortgage licensee or registered depository institution shall keep and use in the business of the mortgage licensee or registered depository institution the accounting records that are […]
Sec. 06.60.140. Availability of out-of-state records.
A mortgage licensee who or registered depository institution that operates an office or other place of business outside this state shall, at the request of the department, (1) make the records of the office or place of business available to the department at a location within this state; or (2) reimburse the department its reasonable […]
Sec. 06.60.155. Restriction on mortgage loan originator licensee’s work.
A mortgage loan originator licensee may only work as a mortgage loan originator licensee under contract for, or as an employee of, one mortgage licensee.
Sec. 06.60.157. Restrictions on mortgage licensee’s performance of mortgage loan originator activities.
A mortgage licensee may not perform mortgage loan originator activities except through a licensed mortgage loan originator who is an employee of or under exclusive contract with a mortgage licensee.
Sec. 06.60.159. Mortgage licensee’s employment of, contract with, and liability for mortgage loan originator.
(a) A mortgage licensee may not employ or enter into a contract with a person who acts as a mortgage loan originator for the mortgage licensee unless the person has a mortgage loan originator license. (b) A mortgage licensee is liable for the conduct of a person acting as a mortgage loan originator if the […]
Sec. 06.60.160. Continuing education requirements for mortgage loan originators.
(a) Each calendar year, a licensed mortgage loan originator shall complete at least eight hours of education approved under (b) of this section. At a minimum, these hours must include (1) three hours of instruction in federal statutes and regulations; (2) two hours of instruction in ethics, including instruction on issues related to fraud prevention, […]
Sec. 06.60.100. Annual report.
(a) Annually, on or before a date established by the department by regulation, a mortgage licensee and a registered depository institution shall file a report with the department providing relevant information that the department requires concerning the business and operations of the mortgage licensee or registered depository institution. The mortgage licensee and the registered depository […]
Sec. 06.60.110. Location of business.
A mortgage licensee may not maintain the mortgage licensee’s principal place of business or a branch office within an office, suite, room, or place of business in which any other business is solicited or engaged in, or in association or conjunction with another business, unless the name, ownership, and business purpose of the other business […]