(1) Upon expiration of a license under 32-9-134, MCA, due to nonrenewal by the renewal date, the licensee shall immediately cease from engaging in the activities for which the license was issued. Except as provided in (3), the department may reinstate an expired license, provided that by the last day of February following expiration of the license, the following are submitted:

(a) a properly completed license renewal application through NMLS;

(b) the renewal fee;

(c) the NMLS fee;

(d) a late renewal fee of $250;

(e) proof that the licensee continues to meet standards for licensure under 32-9-120, MCA; and

(f) proof of continuing education compliance.

(2) An expired license that is not reinstated by the last day of February in accordance with (1) is "Terminated-Expired" and may not be reinstated except as provided in (3). The holder of a "Terminated-Expired" license may reapply as a new license applicant.

(3) If a "Terminated-Expired" status of the license of a military member or reservist was the result of the licensee being on active duty status at the time of renewal, the license may be reinstated, if within 30 days of the licensee's discharge from active duty status, the department receives through NMLS an acceptable sponsorship request from the licensee's employing mortgage broker or mortgage lender and it receives outside of the NMLS renewal process within that 30-day period, the following:

(a) a properly completed Mortgage Loan Originator License Renewal or Reinstatement Form available on the department's website at banking.mt.gov;

(b) a full year renewal fee;

(c) proof of completion of eight hours of approved continuing education;

(d) copies of the federal government orders by which the licensee was placed on active duty status and discharged from active duty status; and

(e) proof that the licensee continues to meet standards for licensure under 32-9-120, MCA.

(4) Upon suspension of a license under 32-9-126, MCA, the licensee shall immediately cease from engaging in the activities for which the license was issued. The department may lift the suspension and reinstate the license upon its determination that the suspended licensee has complied with the terms and conditions of the final order by which the license was suspended and there is no fact or condition then existing that disqualifies the suspended licensee from being licensed. The department on its own or at the suspended licensee's request may initiate a review of a suspended licensee's compliance with the terms and conditions of the order suspending the license.