Illinois § 7-6 Standards for license renewal

Illinois Statutes

§ 7-6 — Standards for license renewal

Illinois § 7-6

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 635/Residential Mortgage License Act of 1987.

Art.Article VII - Mortgage Loan Originator License Required

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Bluebook

205 Ill. Comp. Stat. 7-6 (2026).

Text

(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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(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.