(a) The minimum standards for license renewal for mortgage loan originators shall include the following:
         (1) The mortgage loan originator continues to meet
    
the minimum standards for license issuance under Section 7-3.
        (2) The mortgage loan originator has satisfied the
    
annual continuing education requirements described in Section 7-7.
        (3) The mortgage loan originator has paid all
    
required fees for renewal of the license.
    (b) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The Director may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Multistate Licensing System and Registry.

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Terms Used In Illinois Compiled Statutes 205 ILCS 635/7-6

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC