§ 42.4. Annual renewal required.
(a) Annually, the Department will mail to each registered loan broker an application for renewal of the loan brokers registration.
(b) On or before December 1 of each year, a loan broker shall return the following to the Department:
(1) A completed renewal registration application provided by the Department.
(2) Payment of a renewal registration fee of $300.
(c) On or before January 15 of each year, the Department will take one of the following actions with regard to renewal applications which it received on or before December 1 of the prior year:
(1) Notify the loan broker that the loan brokers registration is renewed.
(2) Under § 42.5 (relating to disapproval of registration), notify the loan broker that the loan brokers renewal registration is rejected and that the loan broker is no longer registered as a loan broker.
(3) Notify the loan broker that the registration application was incomplete and that additional information is required. In this case, the Department has 30 days from receipt of a completed registration application to notify the loan broker under paragraph (1) or (2).
(d) A loan broker who fails to return to the Department by December 1 of each year a completed renewal registration application provided by the Department and payment of a renewal registration fee of $300 will be subject to a late fee of $100 upon submission to the Department of a renewal registration application.
(e) The renewal registration shall be effective from February 1 or upon the Departments issuance of written notification to the applicant that the applicant has been registered by the Department as a loan broker, whichever is later, through January 31 of the following year.
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