Ill. Admin. Code tit. 38 § 1050.210
Current through Register Vol. 48, No. 45, November 8, 2024
a) Method of Payment of Fees The fees listed in this Section shall be payable to the Department, or to the Nationwide Mortgage Licensing System and Registry for transfer to the Department as approved by the Director. The Director may specify the form of payment to the Department or to the NMLS, which may include certified check, money order, credit card, or other forms authorized by the Director. The Director may specify that fees be paid separately or combined, and may pro-rate fees for implementation of the NMLS. The NMLS shall be authorized to collect and process transaction fees or other fees related to licensees or other persons subject to the Act.
b) Residential Mortgage License 1) Investigation Fee: The applicant shall pay a non-refundable fee of $1,500 or such non-refundable amount as authorized by the Director that, when combined with the license fee set forth in subsection (b)(2)(A), totals an amount equal to $2,700 annually or the amount authorized by Section 2-2 of the Act.2) License Fee: A) Initial Licensure: For each application for an initial Illinois Residential Mortgage License on which the Director has made the findings that a license shall be issued, the applicant shall pay a non-refundable license fee of $1,200, plus the investigation fee set forth in subsection (b)(1), or such non-refundable amount as authorized by the Director that, when combined with the investigation fee set forth in subsection (b)(1), totals an amount equal to $2,700 annually or the amount authorized by Section 2-2 of the Act. B) License Renewal: For each application for an annual renewal of an Illinois Residential Mortgage License, the applicant shall pay a non-refundable license fee of $2,700, or the total amount set forth in subsections (b)(1) and (b)(2)(A).C) Amended License: The licensee shall pay a non-refundable fee of $500 for each Notice of Change of Ownership or Control amended license that is required by Subpart D.D) Notice of Change: The licensee shall pay a non-refundable fee of $50 with each Notice of Change of Officers or Directors or Change of Name or Address or Change of Activity.E) Duplicate License: The licensee shall pay a non-refundable fee of $50 for each duplicate original license issued.F) Returned Payment: Any licensee or person who delivers a check or other payment to the Department that is returned unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to the amount already owed, a fee of $50.3) Exempt Registration Fee: For each application for initial registration or annual renewal of registration as authorized by Section 1-3(a-1) of the Act, the applicant or registrant shall pay the Department a non-refundable registration fee of $2,700. c) Mortgage Loan Originator License 1) Application Fee: An applicant for a Mortgage Loan Originator license shall pay a non-refundable fee of $200 for each individual licensed on the initial application and $150 annually for each individual renewal, plus an additional $75 late fee for any renewal that is received after the expiration date of the preceding license.2) License Transfer Fee: There shall be paid by or on behalf of the Mortgage Loan Originator a non-refundable fee of $50 for each license transferred.3) License Reactivation Fee: There shall be paid by or on behalf of the applicant a non-refundable fee of $150 for reactivating each or license on Inactive or Inoperative Status.4) Duplicate Documents: The licensee shall pay a non-refundable fee of $50 for each duplicate document.5) Returned Payment: Any person who delivers a check or other payment to the Department that is returned to the Department unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to the amount already owed to the Department, a fee of $50.d) Examination 1) Fees: Time expended in the conduct of any examination of the affairs of any licensee or its affiliates pursuant to the provision of Section 4-2 of the Act shall be billed by the Department at a rate of $510 per examiner day. Fees will be billed following completion of the examination and shall be paid within 30 days after receipt of the billing.2) Out-of-State Travel: When out-of-state travel occurs in the conduct of any examination, the licensee shall make arrangements to reimburse the Department all charges for services such as travel expenses, including airfare, hotel and per diem incurred by the employee. These expenses are to be in accord with applicable travel regulations published by the Department of Central Management Services and approved by the Governor's Travel Control Board (80 Ill. Adm. Code 2800).e) Additional Full-Service Office: 1) Initial Fee: The licensee shall pay a non-refundable fee of $250 for each Notice of Intent to Establish an Additional Full-Service Office required by Subpart C.2) Annual Fee: After the notice filed under subsection (e)(1), the licensee shall pay an annual non-refundable Additional Full-Service Office fee of $250 on the initial license anniversary date.f) Hearing Fees: Each party that requests a hearing pursuant to Section 4-1(n) of the Act shall pay a non-refundable fee of $500, except that a Mortgage Loan Originator requesting a hearing shall pay a non-refundable fee of $250, unless the fee is waived by the Director. In determining whether to waive the fee, the Director shall consider the financial hardship imposed on the party.Ill. Admin. Code tit. 38, § 1050.210
Amended at 38 Ill. Reg. 2019, effective December 27, 2013
Amended at 43 Ill. Reg. 5272, effective 5/10/2019