Section 41.05. License renewals.

  For all licenses under subch. III of ch. 224 , Stats., all of the following apply:

(1)  All licenses expire on December 31 of each year.

(2)  A licensee may apply for the renewal of a license by submitting to the Nationwide Mortgage Licensing System an application for renewal and the fee required under s. DFI-Bkg 41.01 . The application and fee shall be received by the Nationwide Mortgage Licensing System between November 1 and December 31.

(3)  The reinstatement period for a renewal application received by the Nationwide Mortgage Licensing System shall begin on January 1 and end on the last day of February of the year following the expiration date of the license. A renewal application received by the Nationwide Mortgage Licensing System during the reinstatement period shall be accompanied by an additional nonrefundable fee of $100.

(4)  A mortgage loan originator must satisfy the annual continuing education requirements under s. 224.755 (2) , Stats., by December 31, even if the renewal application is received by the Nationwide Mortgage Licensing System during the reinstatement period.

(5)  A licensee whose application for renewal is not received by the Nationwide Mortgage Licensing System before March 1 shall submit an application for a new license, and no business for which the license is required shall be conducted after the license expires and before a new license is issued by the division.

CR 09-060 : cr. Register December 2009 No. 648 , eff. 1-1-10; 2013 Wis. Act 136 : am. (intro.) Register March 2014 No. 699 , eff. 4-1-14.