§ 19-14-22 - Reporting requirements.
SECTION 19-14-22
§ 19-14-22 Reporting requirements. –(a) Each licensee shall annually on or before March 31 file a report with thedirector or the director's designee giving any relevant information that thedirector or the director's designee may reasonably require concerning thebusiness and operations during the preceding calendar year of each licensedplace of business conducted by the licensee within the state. The report shallbe made under oath and shall be in a form prescribed by the director or thedirector's designee. At the time of filing each report, the sum of fifty-fivedollars ($55.00) per license and fifty-five dollars ($55.00) per branchcertificate shall be paid by the licensee to the director for the use of thestate. Any licensee who shall delay transmission of any report required by theprovisions of this title beyond the limit, unless additional time is granted,in writing, for good cause, by the director or the director's designee, shallpay a penalty of twenty-five dollars ($25) for each day of the delay. In lieuof a report by any licensed mortgage loan originator, the director or thedirector's designee may accept a report by the licensed lender or licensed loanbroker who employed the licensed mortgage loan originator for the activities ofthe licensed mortgage loan originator while employed by such lender or loanbroker during the applicable calendar year.
(b) Any licensee shall, within twenty-four (24) hours afteractual knowledge, notify the director or the director's designee, in writing,of the occurrence of any of the following events: the institution ofbankruptcy, receivership, reorganization or insolvency proceedings regarding alicensee, the institution of any adverse government action against a licensee,or any felony indictment or conviction of any licensee or any officers,directors, owners, employees, members or partners thereof, as the case may be.
(c) Each mortgage loan originator licensee shall, on orbefore March 31, 2010 and every March 31st thereafter, file with the directoror the director's designee evidence acceptable to the director or thedirector's designee that said loan originator licensee has filed with thenationwide mortgage licensing system and registry a report of condition, whichshall be in such form and shall contain such information as the nationwidemortgage licensing system and registry may require along with evidence that thelicensee, during the twelve (12) months immediately preceding March 31,satisfied the requirements of § 19-14.10-10 with respect to continuingeducation.
(d) Both the mortgage loan originator and his or her licensedemployer shall promptly notify the director or the director's designee, inwriting, within fifteen (15) business days of the termination of employment orservices of a mortgage loan originator.