(1) Transfer of an individual mortgage loan originator license must be approved by the department. To transfer an individual mortgage loan originator license, the individual mortgage loan originator shall obtain a relocation application from the department. The completed relocation application must be accompanied by a nonrefundable processing fee of $50.

(a) If a license is not transferred within six months and has been canceled, a complete new application with all required information must be submitted along with the appropriate new application fees and supporting documentation.

(b) If the lapse in employment occurs over a renewal period, the individual mortgage loan originator license must be renewed as required by 32-9-117, MCA, to qualify for a transfer of the license. The relocation six-month time frame would remain in effect and would be from the date of termination from the previous licensed entity.

(2) If an individual mortgage loan originator is terminated by a mortgage broker or lender, and within six months is re-employed by the same mortgage broker or lender, a request for reinstatement form must be filed with the department. The form is available from the department. There is a $10 processing fee for reinstatement. If the break in employment occurs over a renewal period, the individual mortgage loan originator license must be renewed as required by 32-9-117, MCA, to qualify for reinstatement. The six-month time frame would remain in effect and would be from the date of termination.