§ 11-609. Term, expiration, and renewal of license.

   (a) Initial license term and expiration. -- Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, an initial license term shall:

   (1) Be for a maximum period of 1 year;

   (2) Begin on the first day the license is issued; and

   (3) Expire on December 31 of the year the license is issued.

(b) Renewal. -- On or before November 1 of the year of expiration, a license may be renewed if the licensee:

   (1) Subject to subsections (e) and (f) of this section, meets the minimum standards for the issuance of a license and otherwise is entitled to be licensed;

   (2) Pays to the Commissioner a renewal fee set by the Commissioner; and

   (3) Submits to the Commissioner:

      (i) A renewal application on the form that the Commissioner requires; and

      (ii) Satisfactory evidence of compliance with any continuing education requirements under this subtitle or set by regulations adopted by the Commissioner.

(c) Renewal term and expiration. -- Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, a renewal term shall:

   (1) Be for a maximum period of 1 year;

   (2) Begin on January 1 of each year after the initial term; and

   (3) Expire on December 31 of the year the renewal term begins.

(d) Fees. -- In addition to the license renewal fee required under subsection (b)(2) of this section, an applicant for a license renewal shall pay to the Nationwide Mortgage Licensing System and Registry any fees that the Nationwide Mortgage Licensing System and Registry imposes in connection with the renewal application.

(e) Certain requirements may be completed on or before December 31, 2010. -- Notwithstanding anything to the contrary in this section or § 11-605 of this subtitle, an applicant for renewal of a license who is duly licensed under this subtitle on July 1, 2009:

   (1) May comply with the following requirements for renewal of the license on or before December 31, 2010:

      (i) The fingerprinting and criminal history report requirement under § 11-604 of this subtitle;

      (ii) The surety bond coverage requirement under § 11-619 of this subtitle; and

      (iii) The prelicensing testing requirement under § 11-606.1 of this subtitle; and

   (2) Is deemed to have satisfied the prelicensing educational course requirement under § 11-606 of this subtitle if the applicant completed 20 hours of continuing education courses approved by the Commissioner within 5 years prior to the expiration date of the applicant's current license.

(f) No refund for surrendered, suspended, or revoked licenses. -- If a license is surrendered voluntarily or is suspended or revoked, the Commissioner may not refund any part of the license fee regardless of the time remaining in the license term.

HISTORY: 2005, ch. 590; 2008, ch. 7, § 2; ch. 8, § 2; 2009, ch. 4; ch. 60, § 5.