Section 397-A:10-a License Surrender.
I. (a) A licensee who ceases to engage in the business of a mortgage banker, mortgage broker, or originator, at any time during a license year for any cause, including, but not limited to, bankruptcy, license revocation, or voluntary dissolution, shall surrender, by notice to the commissioner or by return of such paper license, if a paper license was issued, in person, through the Nationwide Mortgage Licensing System and Registry, or by registered or certified mail to the commissioner within 15 calendar days of such cessation, and mortgage banker and mortgage broker licensees shall cause to be published in a newspaper of general circulation in the licensee's market area a notice to such effect. The commissioner shall adopt rules, in accordance with RSA 541-A, relative to such notice and final reports to the commissioner.
(b) Withdrawal of the surrendered license becomes effective upon receipt by the commissioner of the notice or license, unless a revocation or suspension proceeding is pending when the withdrawal is filed or a proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within 30 days after the license is surrendered. If a proceeding is pending or instituted, withdrawal becomes effective at such time and upon such conditions as the commissioner by order determines. If no proceeding is pending or instituted and withdrawal automatically becomes effective, the commissioner may nevertheless institute a revocation or suspension proceeding under RSA 397-A:17 within one year after withdrawal became effective and may enter a revocation or suspension order as of the last date on which the license was effective.
II. Failure to comply with the provisions of this section and rules adopted under this section shall be cause for denial of future license applications and the imposition of penalties under RSA 397-A:21.
Source. 1995, 31:2. 2003, 313:20. 2004, 139:14. 2005, 255:11, eff. Sept. 12, 2005. 2008, 333:11, eff. Apr. 1, 2009. 2009, 290:46, eff. July 31, 2009.