Section 750 IAC 9-3-2.5 - Temporary authority to operate as an eligible mortgage loan originator applicantAuthority: IC 24-4.4-1-101; IC 24-4.4-3-103
Affected: IC 4-21.5-3; IC 24-4.4; IC 24-4.5
Sec. 2.5.
(a) An eligible mortgage loan originator applicant's temporary authority to operate begins when:(1) an individual is determined by the department to be an eligible mortgage loan originator applicant;(2) an individual has completed and submitted to the NMLSR a mortgage lending originator license application; and(3) a mortgage loan originator licensee licensed in this state: (A) identifies the individual applicant as a W-2 employee; and(B) provides sponsorship for the individual applicant.(b) Temporary authority to operate shall be terminated upon the earliest occurrence of the following: (1) An individual withdraws a pending mortgage lending originator application.(2) This state denies or issues a notice of intent to deny the application.(3) The application remains incomplete after one hundred twenty (120) days from the date that the application has elapsed.(4) The individual's application is approved and a mortgage loan originator license is granted.(c) Any intent to deny temporary authority to operate issued to an individual applicant by the department shall be made in conformity with IC 4-21.5-3.Readopted filed 11/3/2021, 10:48 a.m.: 20211201-IR-750210427RFA