Section 1050.2150  Inactive Registration Status; Reactivation

a)         A Loan Originator's Certificate of Registration shall be considered on Inactive Registration Status at any time a Loan Originator is not employed by a licensee.

b)        Inactive Registration Status commences when the employing licensee or the Loan Originator returns the Certificate of Registration to the Director or when the subsequent employing licensee fails to provide sufficient information to the Director to permit transfer of the Certificate of Registration.

c)         The Director may grant and create a category or categories of inactive or inoperative status.

d)        A Loan Originator who receives a Temporary Permit as an employee of a licensee pursuant to Section 1050.2155 is not deemed on Inactive Registration Status.

e)         When a Loan Originator has been on Inactive Registration Status for more than 90 calendar days, prior to resuming active status, the Loan Originator shall pay to the Director a Loan Originator Registration Reactivation Fee in the amount set forth in Section 1050.210.

f)         A Loan Originator's Inactive Registration Status expires on the date of expiration of the underlying Loan Originator's Certificate of Registration. If a Loan Originator's period of inactivity exceeds the expiration date on his or her Certificate of Registration, a Loan Originator shall submit a new application for a Certificate of Registration with a fee in the amount set forth in Section 1050.210.

(Source:  Amended at 29 Ill. Reg. 14808, effective September 26, 2005)