Section 86A.109 - Expiration of initial license; renewal; duration of renewed license; change in personnel; rules(1) An initial license expires one year after the date of issuance unless the Director of the Department of Consumer and Business Services establishes a different expiration date to coordinate with the Nationwide Mortgage Licensing System and Registry.(2) The director by rule shall establish procedures to renew a license. The rule shall specify the duration of a renewed license.(3) If there is a change in the partners, directors, officers or persons that occupy similar positions or perform similar functions, or persons that directly or indirectly control a mortgage banker or mortgage broker, written notification of the change must be filed promptly with the director. No fee is required for the notification.