Section 397-A:6 License Grant.
I. If the commissioner determines that the applicant meets the requirements of this chapter, then the commissioner shall forthwith issue a license or licenses permitting the applicant to engage in the business of originating, making, or brokering mortgage loans in accordance with the laws of this state. The commissioner may, by order, restrict or impose conditions for a license. Licensees shall ensure that the Nationwide Mortgage License System and Registry unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the commissioner. Licensees shall be responsible for the supervision of their employees, agents, loan originators, and branch offices. Licensees shall conduct background checks, including checking the list of entities issued by the Office of Foreign Assets Control (OFAC) whose assets were frozen by executive order, on all of their loan originators.
II. No mortgage banker or mortgage broker license shall be issued to any person whose principal place of business is located outside of this state unless that person designates an agent residing within this state for service of process.
III. Each mortgage banker or mortgage broker license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee and, if the license is a branch office license, the name and address of the branch office location for which that license is issued.
IV. If a mortgage banker or mortgage broker licensee is a person other than a natural person, the license issued to it shall entitle all officers, directors, members, partners, trustees, agents, originators, and employees of the licensed corporation, partnership, entity, or trust to engage in the business of making or brokering mortgage loans; provided that all individuals who engage in the origination process are licensed as originators and that one officer, director, member, partner, employee, or trustee of such person shall be designated in the license application as the individual to be contacted under the provisions of this chapter.
V. If the mortgage banker or mortgage broker licensee is a natural person, the license shall entitle all employees, agents, and originators of the licensee to engage in the business of making or brokering mortgage loans, provided that all individuals who engage in the origination process are licensed as originators.
VI. A license issued under this chapter shall not be transferable or assignable between persons unless, in the case of mortgage bankers and mortgage brokers, the approval of the commissioner is first secured at least 10 calendar days prior to said assignment or transfer.
Source. 1987, 339:1. 1990, 66:2, 3. 2003, 313:20. 2004, 139:13. 2005, 255:7, eff. Sept. 12, 2005. 2008, 205:17, eff. Aug. 15, 2008; 333:8, eff. Apr. 1, 2009. 2009, 290:28, eff. July 31, 2009.