(205 ILCS 635/7-6)
Standards for license renewal.
(a) The minimum standards for license renewal for mortgage loan originators shall include the following:
(1) The mortgage loan originator continues to meet
the minimum standards for license issuance under Section 7-3.
(2) The mortgage loan originator has satisfied the
annual continuing education requirements described in Section 7-7.
(3) The mortgage loan originator has paid all
required fees for renewal of the license.
(b) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Director may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.
(Source: P.A. 96-112, eff. 7-31-09.)