494.0034  Renewal of mortgage broker's license.--

(1)  The department shall renew a mortgage broker's license upon receipt of the completed renewal form and payment of a renewal fee that may not exceed $150.

(2)  The department shall adopt rules establishing a procedure for the biennial renewal of mortgage broker's licenses. The department may prescribe the form of the renewal application and may require an update of information since the licensee's last renewal.

(3)  A license that is not renewed by the end of the biennium prescribed by the department automatically reverts to inactive status. An inactive license may be reactivated by the filing of a completed reactivation application with the department, payment of the renewal fee, and payment of a reactivation fee of $100.

(4)  A license that is not renewed within 2 years after becoming inactive automatically expires.