§ 13-13-10 — Expiration and renewal of license

All licenses required under this chapter 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 no later than thirty days before the expiration of the license and must be
accompanied by the required annual renewal fee, which is not subject to refund. The renewal
fee must equal five hundred dollars or two dollars and forty cents per one hundred thousand
dollars of North Dakota mortgage loans serviced, whichever is greater. The renewal fee shall be
based on the average mortgage loans serviced over the previous four quarters ending June
thirtieth of the current year as reported on the mortgage call report. The renewal fee may not
exceed one hundred thousand dollars. Fees must be paid to the department of financial
institutions and be deposited in the financial institutions regulatory fund. 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 its license, the department of
financial institutions may charge an additional fee of fifty dollars for the renewal of the license. A
residential mortgage loan servicer 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 loan servicer 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 residential mortgage loan servicer license granted to the
previous owner continues in effect to the new purchaser until the application is either granted or
denied.