09.03.09.08

.08 Loan Origination Under Expired License.

A. A person may not take or receive a mortgage loan application or offer or negotiate the terms of a mortgage loan without a license.

B. Notwithstanding §A of this regulation, a mortgage loan originator operating under an expired license resulting from a failure to timely renew may offer or negotiate the terms of a mortgage loan if:

(1) The application for the mortgage loan was taken or received before the deadline for renewal of the license; and

(2) The licensee’s employer does not employ any other mortgage loan originator licensed by the Commissioner.