N.M. Code R. § 12.19.8.16

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.19.8.16 - AMENDING OR SURRENDERING A LICENSE

A. A licensed mortgage loan company shall amend information entered in the nationwide mortgage licensing system and registry for licensure within five days following the change in that information. The information that shall be required to be amended shall include, but not be limited to the following:

(1) company name;

(2) company address;

(3) company legal status;

(4) ownership;

(5) control persons;

(6) qualified manager;

(7) surety bond;

(8) branch name or location;

(9) branch manager.

B. A licensed mortgage loan company that has any owner, control person or qualified manager who has been charged with, convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court shall notify the director of the financial institutions division in writing and amend the company's license information on the nationwide mortgage licensing system and registrywithin five days of the occurrence.

C. A licensed mortgage loan company shall immediately surrender the company's license if required to do so by court order, final order, default order, consent order or if the mortgage loan company no longer meets the minimum requirements for licensure in 58-21-3 and 58-21-4 NMSA 1978.

D. A licensed mortgage loan originator is the only individual that can surrender his or her license. The removal of sponsorship by a mortgage loan company will place the mortgage loan originator license into an "approved - inactive" status.

N.M. Code R. § 12.19.8.16

12.19.8.16 NMAC - N, 06/01/10