494.0064  Renewal of mortgage lender's license; branch office permit renewal.--

(1)  The department shall renew a mortgage lender's license or correspondent lender's license upon receipt of a completed renewal form and the renewal fee, in an amount not exceeding $500. Each licensee shall pay at the time of renewal a fee that may not exceed $250 for the renewal of each branch office permit.

(2)  The department shall adopt rules establishing a procedure for the biennial renewal of mortgage lender's licenses, correspondent lender's 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)  A fee of $100 shall be charged for late renewal.

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

(5)  The department may adopt rules setting forth the evidence or documentation of minimum net worth to be submitted for renewal of a license.