§ 13-12-09 — Expiration and renewal of license

North Dakota § 13-12-09

• Jurisdiction: North Dakota
• Title 13: Debtor and Creditor Relationship
• Ch. 13-12: Residential Mortgage Lenders

Text

All licenses expire on December thirty-first of each year and may be renewed. Renewals are
effective the succeeding January first. Applications for renewal must be submitted thirty days
before the expiration of the license and must be accompanied by the required annual fees,
which are not subject to refund. The form and content of renewal applications must be
determined by the department of financial institutions, and a renewal application may be denied
upon the same grounds as would justify denial of an initial application. When a licensee has
been delinquent in renewing the license, the department may charge an additional fee of fifty
dollars for the renewal of the license. A residential mortgage lender license is not transferable. If
the commissioner determines that an ownership change has occurred in a sole proprietorship,
partnership, limited liability partnership, corporation, or limited liability corporation that was
previously granted a residential mortgage lender license, the commissioner may require a new
application from the purchaser. The application must be filed within forty-five days from the date
change of ownership is consummated. The department shall act on the application within sixty
days from the date the application is received but may extend the review period for good cause.
The residential mortgage lender license granted to the previous owner continues in effect to the
new purchaser until the application is either granted or denied.