Revision Note
Sections 454F-1 to 454F-26 designated as Part I pursuant to §23G-15.
§454F-10.5 Authorized places of business; designation of qualified individuals and branch managers; branch offices; principal office; relocation. (a) Every mortgage loan originator company licensed under this chapter shall have and maintain a principal place of business in the State and shall designate a qualified individual to fulfill the duties and responsibilities of a qualified individual set forth in section 454F-1.7.
(b) A mortgage loan originator company shall not maintain any branch offices in the State in addition to its principal place of business without the prior written approval of the commissioner. An application to establish a branch office shall be submitted through NMLS with a nonrefundable application fee as required by section 454F-22. A mortgage loan originator company shall designate a branch manager for each branch office who is physically present in the branch office to oversee that branch office and fulfill the duties and responsibilities of a branch manager set forth in section 454F-1.7. At no time shall a branch manager oversee more than one branch office or principal place of business.
(c) A mortgage loan originator company shall not relocate any office in this State without the prior written approval of the commissioner. An application to relocate an office shall be submitted to the commissioner at least thirty days prior to relocating and shall set forth the reasons for the relocation, the street address of the proposed relocated office, and other information that may be required by the commissioner. An application to relocate an office pursuant to this subsection shall be submitted with a nonrefundable fee as required by section 454F-22.
(d) A mortgage loan originator company shall give the commissioner notice of its intent to close a branch office at least thirty days prior to the closing. The notice shall:
(1) State the intended date of closing; and
(2) Specify the reasons for the closing.
(e) A mortgage loan originator company that maintains its principal office outside of the State shall:
(1) Designate an office in this State as its principal place of business in this State;
(2) Apply for and obtain approval from the commissioner to designate its principal place of business in this State as a branch office pursuant to this section; and
(3) Designate a qualified individual; provided that the qualified individual may be the same person designated as the branch manager of a branch office where the qualified individual is physically present.
(f) A mortgage loan originator company that maintains its principal office in this State shall designate a qualified individual who is physically present in the principal place of business as its branch manager to oversee and manage that principal place of business. Such principal place of business shall not be considered a branch office for purposes of section 454F-22(c).
(g) The principal place of business and each branch office of the mortgage loan originator company shall be identified in NMLS to consumers as a location at which the licensee holds itself out as a mortgage loan originator company. Each such location shall be open for business to the public during posted business hours which shall be during regular business hours. If a location is in a commercial building, then the business hours shall be posted on or adjacent to the main office door of the mortgage loan originator company's location, and visible to the public from outside the location. If a location is not in a commercial building, or such posting is not permitted by the commercial building, then the business hours shall be posted on the home page of the mortgage loan originator company's website, along with the address and phone number of the location. Business hours, whether posted at a location or on a mortgage loan originator company website, shall be displayed in a clear, conspicuous, and accurate manner to inform the consumer when the location will be open.
(h) The commissioner or the commissioner's authorized representatives shall be able to conduct an examination or investigation during regular business hours. If the commissioner or the commissioner's authorized representatives are denied access to any office, record, or file for any reason, such denial may be considered a violation of this chapter. [L 2010, c 84, pt of §3; am L 2011, c 194, §10; am L 2013, c 168, §13; am L 2014, c 198, §4]
Section: Previous 454f-5 454f-6 454f-7 454f-8 454f-8.5 454f-9 454f-10 454f-10.5 454f-10.6 454f-10.7 454f-11 454f-12 454f-13 454f-14 454f-15 NextLast modified: October 27, 2016