Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart C - LICENSING › Section 1050.370 - Licensing of Mortgage Loan Originators

Current through Register Vol. 48, No. 28, July 12, 2024
a) License Applications
The Director may withdraw any license application for which
				  the applicant has failed or refused to provide a written response, including
				  any required documentation, within 21 business days after receiving a
				  deficiency letter for this response and required documentation from the
				  Director.
b) Licenses
1) Issuance of License; Conditions and
				Reports. Upon approving an application for an original or renewed Mortgage Loan
				Originator License pursuant to Article VII of the Act and this Part, the
				Director may issue the Mortgage Loan Originator License through electronic
				licensing systems such as the NMLS and maintain a public record of all licenses
				issued within those electronic licensing systems. The Director may make copies
				of licenses available to licensees through electronic or other methods.
				Mortgage Loan Originator Licenses shall be issued subject to the following
				conditions:
A) The Director shall use
				applicable license numbers and/or identifiers for each Mortgage Loan Originator
				License, including unique identifiers as authorized by Section 7-14 of the
				Act.
B) Each Mortgage Loan
				Originator shall provide notification to the Director through the NMLS, within
				10 calendar days after obtaining information that the Mortgage Loan Originator
				has had his or her license revoked in any governmental jurisdiction (see
				Section 7-3(1) of the Act), has been convicted of, or pled guilty or nolo
				contendere to, a felony (see Section 7-3(2) of the Act), or has had an adverse
				judgment of $500 or more in any jurisdiction (see the financial responsibility,
				character and general fitness requirements of Section 7-3(3) of the Act). The
				notification shall describe fully all convictions, revocations and adverse
				judgments. The Director may take disciplinary action against any Mortgage Loan
				Originator for convictions, revocations and adverse judgments based upon
				failure to comply with Sections 7-3(1), (2), or (3) of the Act and may take
				disciplinary action against a Mortgage Loan Originator who fails to comply with
				the reporting requirement of this subsection (b)(1)(B).
C) Each employing licensee or registrant
				shall provide notification to the Director through submitting a sponsor removal
				to the NMLS, immediately, but no later than 30 calendar days after the
				termination of a Mortgage Loan Originator's employment. The employing licensee
				or registrant may notify the Director of the reasons for the termination and,
				if applicable, the employing licensee or registrant also shall provide a report
				to the Director pursuant to Section 6-2(4) of the Act. The Director may take
				disciplinary action against an employing licensee or registrant that fails to
				comply with the reporting requirement of this subsection (b)(1)(C) or files a
				frivolous, false or misleading report under Section 6-2(4) of the
				Act.
D) Each Mortgage Loan
				Originator shall notify the Director through the NMLS, within 30 days if the
				Mortgage Loan Originator's information contained in the initial application or
				any renewal application is no longer current and must file accurate
				supplemental information. The Director may take disciplinary action against a
				Mortgage Loan Originator who fails to notify the Director as required by this
				subsection (b)(1)(D).