Source: https://development.code.dccouncil.us/dc/council/code/sections/26-1103.html
Timestamp: 2019-04-21 02:48:10+00:00

Document:
D.C. Law Library - § 26–1103. License requirements.
↪ Chapter 11. Mortgage Lenders and Brokers.
↪ § 26–1103. License requirements.
§ 26–1104. Issuance of license.
(a)(1) No person shall engage in business as a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, or hold himself out to the public to be a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, unless such person has first obtained a license under this chapter. Each licensee shall register with, and maintain a valid unique identifier issued by, the NMLSR.
(2) Each independent contractor loan processor or underwriter licensed as a mortgage loan originator shall have, and maintain, a valid unique identifier issued by the NMLSR.
(3) An individual engaging solely in loan processor or underwriting activities, who does not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator shall not be required to obtain and maintain a license under this chapter.
(3) Meet the minimum liquidity and capital requirements as prescribed by the Commissioner.
(b-1) An applicant for a mortgage loan originator’s license shall have a sponsor.
(c) The Superintendent [Commissioner] may deny an application for a license to any person who has committed any act prior to the granting of the license that would be a ground for suspension or revocation of a license under this chapter.
(3) At any time preceding the date of application, been convicted of, or pled guilty or nolo contendere to a felony, if such felony involved an act of fraud or dishonesty, a breach of trust, or money laundering.
(2) Comply with all conditions and provisions of the application for licensure.
(8) Such other information concerning the financial responsibility, background, experience, and activities of the applicant and its members, officers, directors, and principals as the Superintendent [Commissioner] may require.
(f) With each application for licensure, the applicant shall pay the applicable fees prescribed by the Commissioner and any third-party fees.
(g) The Superintendent [Commissioner] may, from time to time, increase or decrease the fees set forth in this section. The fees shall be fixed at such rates, and computed on such bases and in such manner as may, in the judgment of the Superintendent [Commissioner], be necessary to defray the approximate costs of carrying out the regulatory functions set forth in this chapter. These fees shall not be abated by surrender, suspension, or revocation of a license.
(6) Comply with any other requirement prescribed by the Commissioner.
(h-1)(1) The Commissioner shall require, by rule, that an applicant applying for licensure under this chapter, and any such other person as the Commissioner considers appropriate, submit his name, contact information and other identifying information, fingerprints, written consent to a criminal background check, an independent credit report, and information related to any administrative, civil, or criminal findings by any governmental jurisdiction with the applicant’s application.
(2) For the purposes of this chapter, the Commissioner may use the NMLSR as an agent for requesting information from, and distributing information to, the Federal Bureau of Investigation, the Department of Justice, any governmental agency, or any source so directed by the Commissioner.
(h-2) The Commissioner may waive or defer any licensing requirement, other than requirements mandated by 12 U.S.C. § 5105, 5106, and 5108(d), for good cause shown in writing.
(i) An applicant for an original license or for the renewal of a license shall file a surety bond with each original application and any renewal application for the license.
(D) Be continuously maintained thereafter for as long as any license issued under this chapter remains in force.
(5) Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. Regardless of the number of years the bond remains in effect, the number of premiums paid, the number of renewals of the license, or the number of claims made, the aggregate liability under the bond shall not exceed the penal sum of the bond.
(6) Surety bond requirements shall be prescribed by the Commissioner.
(j) Any license issued pursuant to this section shall be issued as a Financial Services endorsement to a basic business license under the basic business license system as set forth in subchapter I-A of Chapter 28 of Title 47 of the District of Columbia Official Code.
This section is referenced in § 26-1104, § 26-1106, and § 26-1107.
D.C. Law 15-38, in subsec. (j), substituted “Financial Services endorsement to a basic business license under the basic” for “Class A Financial Services endorsement to a master business license under the master”.
D.C. Law 18-38 rewrote the section.
For temporary amendment of section, see § 2(a) of the Mortgage Lender and Broker Act of 1996 Time Extension Emergency Act of 1996 (D.C. Act 11-439, December 4, 1996, 44 DCR 6656), and § 2(a) of the Mortgage Lender and Broker Act of 1996 Time Extension Congressional Review Emergency Amendment Act of 1997 (D.C. Act 12-21, March 3, 1997, 44 DCR 1768).
For temporary amendment of section, see § 2(b) of the Mortgage Lender and Broker Act of 1996 Emergency Amendment Act of 1997 (D.C. Act 12-23, March 3, 1997, 44 DCR 1773), § 2(b) of the Mortgage Lender and Broker Act of 1996 Second Emergency Amendment Act of 1997 (D.C. Act 12-245, January 13, 1998, 45 DCR 656), and § 2(b) of the Mortgage Lender and Broker Act of 1996 Congressional Review Emergency Amendment Act of 1998 (D.C. Act 12-308, March 20, 1998, 45 DCR 1920).
For temporary (90 day) amendment of section, see § 2902 of Fiscal Year 2002 Budget Support Emergency Act of 2001 (D.C. Act 14-124, August 3, 2001, 48 DCR 7861).
For temporary (90 day) amendment of section, see § 3(r) of Streamlining Regulation Emergency Act of 2003 (D.C. Act 15-145, August 11, 2003, 50 DCR 6896).
“(a)(1) No person shall engage in business as a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, or hold himself out to the public to be a mortgage loan originator, loan officer, mortgage lender, mortgage broker, or any permissible combination thereof, unless such person has first obtained a license under this act. Each licensee shall register with and maintain a valid unique identifier issued by the NMLSR.
“(2) Each independent contractor loan processor or underwriter licensed as a mortgage loan originator shall have, and maintain, a valid unique identifier issued by the NMLSR.
“(6) Surety bond requirements shall be prescribed by the Commissioner.”.
Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.
Temporary amendment of section: Section 2(b) of D.C. Law 12-3, in (b)(3), substituted “maintaining” for “having” twice.
Section 6(b) of D.C. Law 12-3 provided that the act shall expire after 225 days of its having taken effect.
Section 2(b) of D.C. Law 12-101, in (b)(3), substituted “maintaining” for “having” twice.
Section 6(b) of D.C. Law 12-101 provided that the act shall expire after 225 days of its having taken effect.
Fees credited to the Office of Banking and Financial Institutions Enterprise Fund: Section 1804(4) of D.C. Law 12-60 provided that all fees received pursuant to § 26-1003(f) shall be credited to the Office of Banking and Financial Institutions Enterprise Fund.

References: § 26
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§ 26
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 § 2902
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