§ 45-13-308 — Provisional mortgage loan originator license

Notwithstanding any provision of this chapter or the Industrial Loan and Thrift Companies Act, compiled in chapter 5 of this title, to the contrary, the commissioner is authorized to issue a provisional mortgage loan originator license to any individual who has not completed the prelicensing education requirements set forth in § 45-13-304 or passed a written test that meets the test requirement described in § 45-13-305 ; provided, that the individual meets all other requirements for a license under this part; and provided, further, that no provisional mortgage loan originator license shall be issued after or be valid after July 30, 2010. A provisional mortgage loan originator license shall for all purposes be considered a mortgage loan originator license issued under this part, except that a provisional license shall expire on July 30, 2010, unless the individual holding the license has by such date, completed the prelicensing education requirements set forth in § 45-13-304 and passed a written test that meets the test requirement described in § 45-13-305 . If these education requirements are timely accomplished, and so long as the individual has furnished fingerprints to the Nationwide Mortgage Licensing System and Registry if requested to do so under § 45-13-302(f) , the provisional nature of the license shall be removed, and the license shall not expire until the end of the calendar year in which the last of all the requirements have been met. Subject to the July 30, 2010, expiration date, a provisional mortgage loan originator license issued in 2009 may be renewed for 2010 pursuant to § 45-13-306 without satisfying the annual continuing education requirements described in § 45-13-307 .

Legislative History

Acts 2009, ch. 499, § 8.