494.0032  Renewal of mortgage brokerage business license; renewal of mortgage brokerage business branch office license.--

(1)  The department shall renew a mortgage brokerage business license upon receipt of a completed renewal form and payment of a nonrefundable renewal fee of $375. Each licensee shall pay at the time of renewal a nonrefundable renewal fee of $225 for the renewal of each branch office license.

(2)  The department shall adopt rules establishing a procedure for the biennial renewal of mortgage brokerage business licenses and branch office licenses. 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 mortgage brokerage business or branch office license that is not renewed by the end of the biennium established by the department shall revert from active to inactive status. An inactive license may be reactivated within 6 months after becoming inactive by filing a completed reactivation form with the department, payment of the renewal fee, and payment of a nonrefundable reactivation fee of $100. A license that is not renewed within 6 months after the end of the biennial period automatically expires.