Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule establishes procedures and
guidelines for the licensing of residential mortgage loan brokers and the fees
associated therewith.
(1)
Creation of a company/business account/record through the Nationwide Mortgage
Licensing System and Registry (NMLSR).
(A)
Prior to initial licensure or renewal, each applicant for a broker's license
shall create a company/business account/record or otherwise register through
the NMLSR or its successor(s), in order to obtain a unique or other identifier
assigned by protocols established by the NMLSR. Applicants shall continue to
satisfy the requirements set forth by the NMLSR in order to keep its
company/business account/record in current or active status, including but not
limited to the payment of any applicable fees.
(B) Applicants for initial licensure or
renewal shall apply through the NMLSR on forms acceptable to the director and
shall be verified by the oath or affirmation of the applicant or a principal
officer thereof. In addition to the documents and information required by law
or rule, the director may require additional information in order to enable the
director to determine that the applicant meets or the licensee continues to
meet the requirements of the Missouri Secure and Fair Enforcement for Mortgage
Licensing and Residential Mortgage Brokers Licensing Act. Where the NMLSR does
not make available submission of any document or report required or permitted
by law to be filed with the director, an applicant shall directly submit such
information to the director in the format requested.
(C) Notwithstanding a licensee's biennial
renewal anniversary date, each licensee shall annually attest to the
completeness, truthfulness, and accuracy of its company/business account/record
during the annual year-end renewal period established by the NMLSR. Failure to
do so shall result in the suspension of the broker's license.
(2) Initial Licensing.
Applications for an initial broker's license shall be in a form prescribed by
the director and shall include a non-refundable license investigation fee which
shall be set by the director from time-to-time, not to exceed one thousand five
hundred dollars ($1,500).
(A) Failure to meet
a request for additional information within ten (10) business days may result
in denial of the application. A denial under such circumstances shall not
affect subsequent applications filed with the appropriate investigation
fee.
(B) Upon approval of an
initial broker's license, the director shall collect a nonrefundable license
fee, which shall be set by the director from time-to-time, not to exceed one
thousand five hundred dollars ($1,500). The license fee shall cover the
licensing of the broker's main office in Missouri. Additional licensing fees
for the establishment of branch locations will apply as provided for in these
rules.
(3) Renewal
Applications. Applications for renewal of a broker's license shall be in a form
prescribed by the director and may require a nonrefundable license
investigation fee which shall be set by the director from time-to-time, not to
exceed one thousand five hundred dollars ($1,500). Such completed renewal
application shall be received by the director at least sixty (60) days prior to
such licensee's biennial renewal date. Upon approval of a biennial renewal of a
broker's license, the director shall collect a nonrefundable renewal license
fee, which shall be set from time-to-time by the director, not to exceed three
thousand dollars ($3,000), one half (1/2) of which is to be paid upon issuance
of the license, and the balance one (1) year thereafter. Failure by an existing
licensee to submit a renewal application and any applicable investigation fees
to the director at least sixty (60) days in advance of a licensee's biennial
renewal date may not allow sufficient time for the director to process the
licensee's renewal application and may result in the expiration of licensee's
existing license.
(4) Fees. The
director may assess the reasonable costs of an investigation incurred by the
division that are outside the normal expense of any annual or special
examination or any other costs incurred by the division as a result of a
licensee's violation of sections
443.701 to
443.893,
RSMo, or these rules.
(A) For each duplicate
original license issued, the director shall collect a duplicate original
license fee not to exceed one hundred fifty dollars ($150).
(B) For each amended license issued, the
director shall collect an amended original license fee not to exceed one
hundred fifty dollars ($150).
(C)
For each notice of change of officers or directors or change of name or
address, the director shall collect a fee not to exceed one hundred fifty
dollars ($150). A broker must report any change in directors or principal
officers within thirty (30) days to the director.
(D) Each licensee who intends to operate and
maintain an additional full-service office shall file a Notice of Intent to
Establish an Additional Full-Service Office on a form prescribed by the
director, thirty (30) days prior to the proposed operation; the director shall
collect a fee not to exceed one hundred fifty dollars ($150) at the time the
notice is filed.
