494.0032  Renewal of mortgage brokerage business license; permit renewal.--

(1)  The department shall renew a mortgage brokerage business license upon receipt of a completed renewal form and payment of a renewal fee that may not exceed $300. Each licensee shall pay at the time of renewal a fee that may not exceed $150 for the renewal of each branch office permit.

(2)  The department shall adopt rules establishing a procedure for the biennial renewal of mortgage brokerage business licenses and branch office permits. The department may prescribe the form for renewal and may require an update of all information provided in the licensee's initial application.

(3)  The department may set by rule a late renewal fee in an amount that may not exceed $100.

(4)  A license that is not renewed within 6 months after the end of the biennial period automatically expires.