-
Current through October 23, 2012
(a) When an applicant for a license files the application and bond and pays the fees required by this chapter, the Superintendent shall investigate to determine if the applicant meets the requirements of this chapter. The Superintendent shall make such investigations as deemed necessary to determine if the applicant has complied with all applicable provisions of law and any regulations promulgated thereunder.
(b) The Superintendent shall approve or deny each application for a license within 60 days after the date from when the application and bond are filed and the fees are paid.
(c) The Superintendent shall issue a license to any applicant who meets the requirements of this chapter.
(d) Every license shall remain in force until it has been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license shall not affect any pre-existing legal right or obligation of such licensee.
(1) A license issued under this section authorizes the licensee to act as mortgage lender, mortgage broker, mortgage loan originator, or loan officer under the license at the licensed place of business.
(2) Only 1 place of business may be maintained under any 1 license.
(3) A licensee may maintain more than 1 license under this section provided that a separate application for each license is made pursuant to § 26-1103 and the Superintendent approves such application.
(e)(1) The Superintendent shall include on each license:
(A) The name of the licensee; and
(B) The address at which the business is to be conducted.
(2) A person may not conduct any mortgage loan business at any location or under any name different from the address and name that appears on the person's license.
(f)(1) A licensee may not receive any application for a loan or allow any note or contract for a loan or mortgage, evidence of any note or contract for a loan or mortgage, or evidence of indebtedness to be signed or executed at any place for which the licensee does not have a license, except at the office of:
(A) The attorney for the borrower or for the licensee; or
(B) A title insurance company, a title company, or an attorney for a title insurance company or a title company.
(2) Notwithstanding paragraph (1)(A) of this subsection, a licensee may accept a loan application from a borrower by mail or telephone or in person at the borrower's residence or place of employment to accommodate the borrower at the borrower's request.
(3) The Superintendent shall adopt regulations to ensure that the loan application process is conducted fairly and in a manner consistent with the best interests of both the borrower and mortgage lender.
(g) A license may be issued under this chapter to a business entity whose principal office is located outside the District provided that the business entity maintains a resident agent within the District at all times during the term of the license, regardless of whether:
(1) The business entity maintains any office within the District; and
(2) The activities of the business entity constitute doing business or having a tax situs in the District.
(h) Each license shall be prominently posted in each place of business of the licensee. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any name other than the name set forth on the license issued by the Superintendent.
(Sept. 9, 1996, D.C. Law 11-155, § 5, 43 DCR 4213; July 18, 2009, D.C. Law 18-38, § 2(d), 56 DCR 4290.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 26-1004.
Effect of Amendments
D.C. Law 18-38, in subsec. (d)(1), substituted "mortgage lender, mortgage broker, mortgage loan originator, or loan officer" for "mortgage lender or mortgage broker".
Temporary Amendments of Section
Section 2(d) of D.C. Law 17-350, in subsec. (c), inserted the following sentence at the end: "To assist in the performance of the Commissioner's duties under this act, the Commissioner may contract with a third party, including the SRR, the Conference of State Bank Supervisors, or its affiliates or subsidiaries, to perform any functions, including the collection of licensing and processing fees, collection of contact information and other identifying information, fingerprints, written consent to a criminal background check, personal history and experience, and conduct of examinations related to mortgage loan originator, loan officer, mortgage lender, or mortgage broker activities, that the Commissioner may consider appropriate."; and, in subsec. (d)(1), substituted "mortgage lender, mortgage broker, mortgage loan originator, or loan officer" for "mortgage lender or mortgage broker".
Section 5(b) of D.C. Law 17-350 provides that the act shall expire after 225 days of its having taken effect.
Emergency Act Amendments
For temporary amendment of section, see § 2(b) of the Mortgage Lender and Broker Act of 1996 Time Extension Emergency Act of 1996 (D.C. Act 11-439, December 4, 1996, 44 DCR 6656), and § 2(b) of the Mortgage Lender and Broker Act of 1996 Time Extension Congressional Review Emergency Amendment Act of 1997 (D.C. Act 12-21, March 3, 1997, 44 DCR 1768).
For temporary (90 day) amendment of section, see § 2(d) of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).
For temporary (90 day) amendment of section, see § 2(d) of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).
Legislative History of Laws
For legislative history of D.C. Law 11-155, see Historical and Statutory Notes following § 26-1101.
For Law 18-38, see notes following § 26-1101.
