Illinois Statutes
§ 7-6 — Standards for license renewal
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 635/ Residential Mortgage License Act of 1987.·Art. Article VII - Mortgage Loan Originator License Required
(a)The minimum standards for license renewal for mortgage loan originators shall include the following:
(1)The mortgage loan originator continues to meet the minimum standards for license issuance under Section 7-3.
(2)The mortgage loan originator has satisfied the annual continuing education requirements described in Section 7-7.
(3)The mortgage loan originator has paid all required fees for renewal of the license.
(b)The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Director may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.
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Legislative History
(Source: P.A. 100-1153, eff. 12-19-18.)
Nearby Sections
15
§ 7
§ 7§ 7-1
(Repealed)§ 7-10
§ 7-10§ 7-11
§ 7-11§ 7-12
Surety bond required§ 7-14
Unique identifier shown§ 7-15
§ 7-15§ 7-3
Issuance of license