Current through Register Vol. 54, No. 37, September 14, 2024
Section 42.4 - Annual renewal required(a) Annually, the Department will mail to each registered loan broker an application for renewal of the loan broker's registration.(b) On or before December 1 of each year, a loan broker shall return the following to the Department: (1) A completed renewal registration application provided by the Department.(2) Payment of a renewal registration fee of $300.(c) On or before January 15 of each year, the Department will take one of the following actions with regard to renewal applications which it received on or before December 1 of the prior year:(1) Notify the loan broker that the loan broker's registration is renewed.(2) Under § 42.5 (relating to disapproval of registration), notify the loan broker that the loan broker's renewal registration is rejected and that the loan broker is no longer registered as a loan broker.(3) Notify the loan broker that the registration application was incomplete and that additional information is required. In this case, the Department has 30 days from receipt of a completed registration application to notify the loan broker under paragraph (1) or (2).(d) A loan broker who fails to return to the Department by December 1 of each year a completed renewal registration application provided by the Department and payment of a renewal registration fee of $300 will be subject to a late fee of $100 upon submission to the Department of a renewal registration application.(e) The renewal registration shall be effective from February 1 or upon the Department's issuance of written notification to the applicant that the applicant has been registered by the Department as a loan broker, whichever is later, through January 31 of the following year.