Section 5-25-7

Expiration and renewal.

(a) All licenses issued pursuant to this chapter shall expire on December 31 of each year. Application for renewal shall be made annually on or before December 1 of each year to be effective for the following year.

(b) Any licensee making proper application, including all supporting documents and all applicable fees required by this chapter and any regulations promulgated by the department, for a license renewal to operate during the following calendar year, and filing the application December 1, shall be permitted to continue to operate pending final approval or disapproval of the application for the license renewal for the following year if final approval or disapproval is not granted prior to February 1.

(c) Each renewal application shall be accompanied by a five hundred dollar ($500) annual license fee, which fee will not be refunded or prorated if the renewal application is disapproved. However, a licensee may claim an exemption from the annual licensing fee if (1) over 50 percent of its successfully secured mortgage loans for the past year were made for low and moderate income borrowers, where low and moderate income is defined pursuant to the federal Community Reinvestment Act, 12 U.S.C. 2901 et seq., its regulations, including 12 CFR 228.12(n), and other agency interpretations; and if (2) the licensee is not subject to any enforcement action by any federal or state governmental agency.

(d) Any person holding a license pursuant to this chapter who fails to file a proper application for a license renewal for the following year, including the proper fee accompanying the application, on or before February 1, and who files an application after February 1, may be required to pay, in addition to the license fee, a penalty of 10 percent for each month or part thereof that the licensee is delinquent in the payment of such license fee.

(Act 2001-692, p. 1439, §7.)