District of Columbia Department of Insurance, Securities and Banking Bureau 2018 Renewal Checklist

Transcription

1 District of Columbia Department of Insurance, Securities and Banking Bureau 2018 Renewal Checklist Instructions Renewal requests must be submitted through by the date specified by your state regulator(s). Click here to review all renewal deadlines, requirements and fees. Review the Renewal Checklist to determine any documentation required by the state outside of. All requirements must be submitted to the agency within five business days of the electronic renewal submission. : License renewal requests filed after December 31, 2017 but before February 28, 2018, shall be considered late. A license that remains expired after February 28, 2018 cannot be renewed. The entity must apply for a new license and will be subject to all applicable new license requirements. License Types Mortgage Loan Originator License Mortgage Lender License Mortgage Broker License Mortgage Dual Authority License Automated Teller Machine Operator License Check Casher License Money Lender License Money Transmitter License Retail Seller and Consumer Sales Finance License Agency Contact Information Contact District of Columbia Department of Insurance, Securities and Banking Bureau licensing staff by phone at (202) or send your questions via to bankingbureau@dc.gov for additional assistance. Department of Insurance, Securities & Banking (DISB) 810 First Street, NE Suite 701 Washington, DC THE LICENSEE IS FULLY RESPONSIBLE FOR MEETING ALL OF THE REQUIREMENTS OF THE AGENCY FROM WHICH THE LICENSE FOR WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. Page 1 of 11

2 District of Columbia Mortgage Loan Originator License Continuing Education: Complete at least eight (8) hours of continuing education credits at least sixty (60) days prior to the license expiration date. One (1) hour must include DC-specific education (referred to as an elective). Request Renewal: File with the a license renewal request at least thirty (30) days prior to the expiration date of the current license. The renewal Reinstatement: License renewal requests received after December 31, 2017 but before February 28, 2018, shall be subject to a $400 reinstatement fee. A license that remains expired after February 28, 2018 cannot be renewed. The individual must apply for a new license and will be subject to all applicable new license requirements. N/A Page 2 of 11

3 District of Columbia Mortgage Lender License, Mortgage Broker License & Mortgage Dual Authority License Annual Assessment Fee: Pay the applicable loan activity fee portion of the ANNUAL ASSESSMENT prior to November 1, This fee is paid through. Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. applicable. If a new bond is issued, there should be no lapse in coverage. Use the chart below to determine adequate bond coverage. Upload in : under section of the Company Form (MU1). Total Dollar Volume of Loans Minimum Required Bond Amount Total Volume of loans was $1,000,000 or less $12,500 Total volume was more than $1,000,000 but less than $2,000,000 $17,500 Total volume was more than $2,000,000 but less than $3,000,000 $25,000 Total volume was more than $3,000,000 $50,000 : Subject to approval by the Commissioner, if an applicant files four (4) or more renewal applications at the same time, the applicant may provide a blanket surety bond for all licensed offices in the amount of two hundred thousand dollars ($200,000). Page 3 of 11

4 License Renewal Fee: License renewal fees will include the remaining portion of the ANNUAL ASSESSMENT (a fixed amount based on license type). The following fees will be due at renewal: Mortgage Broker License = $1,300 ($900 Renewal Fee + $400 Fixed Amount for Mortgage Broker License) Mortgage Lender License = $1,800 ($1,000 Renewal Fee + $800 Fixed Amount for Mortgage Lender License) Mortgage Dual Authority License = $2,400 ($1,200 Renewal Fee + $1,200 Fixed Amount for Mortgage Dual Authority License) Reinstatement: License renewal requests filed after December 31, 2017 but before February 28, 2018, shall be subject to a $400 reinstatement fee. A license that remains expired after February 28, 2018 cannot be renewed. The entity must apply for a new license and will be subject to all applicable new license requirements. N/A N/A District of Columbia Mortgage Lender Branch License, Mortgage Broker Branch License & Mortgage Dual Authority Branch License Branch Locations If applicable Request Renewal: File with the a license RENEWAL REQUEST at least applicable. If a new bond is issued, there should be no lapse in coverage. Use the chart below to determine adequate bond coverage. Upload in : under section of the Branch Form (MU3). Total Dollar Volume of Loans Total Volume of loans was $1,000,000 or less Total volume was more than $1,000,000 but less than $2,000,000 Total volume was more than $2,000,000 but less than $3,000,000 Minimum Required Bond Amount $12,500 $17,500 $25,000 Total volume was more than $3,000,000 $50,000 : Subject to approval by the Commissioner, if an applicant files four (4) or more renewal applications at the same time, the applicant may provide a blanket surety bond for all licensed offices in the amount of two hundred thousand dollars ($200,000). Page 4 of 11

5 Renewal Fee: License renewal fees will include the remaining portion of the ANNUAL ASSESSMENT (a fixed amount based on license type). The following fees will be due at renewal: Mortgage Broker Branch License = $1,300 ($900 Renewal Fee + $400 Fixed Amount for Mortgage Broker Branch License) Mortgage Lender Branch License = $1,800 ($1,000 Renewal Fee + $800 Fixed Amount for Mortgage Lender Branch License) Mortgage Dual Authority Branch License = $2,400 ($1,200 Renewal Fee + $1,200 Fixed Amount for Mortgage Dual Authority Branch License) Reinstatement: License renewal requests filed after December 31, 2017 but before February 28, 2018, shall be subject to a $400 reinstatement fee. A license that remains expired after February 28, 2018 cannot be renewed. The entity must apply for a new license and will be subject to all applicable new license requirements. N/A N/A Page 5 of 11

6 District of Columbia Automated Teller Machine Operator License Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. District of Columbia Automated Teller Machine Operator Branch License Branch Locations If applicable Request Renewal: File with the a license RENEWAL REQUEST at least Page 6 of 11

7 District of Columbia Check Casher License Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. applicable. If a new bond is issued, there should be no lapse in coverage. Check Cashers are required to obtain and maintain a surety bond in the amount of $5,000 for each location. Upload in : under section of the Company Form (MU1). District of Columbia Check Casher Branch License Branch Locations If applicable Request Renewal: File with the a license RENEWAL REQUEST at least applicable. If a new bond is issued, there should be no lapse in coverage. Check Cashers are required to obtain and maintain a surety bond in the amount of $5,000 for each location. Upload in : under section of the Branch Form (MU3). Page 7 of 11

8 District of Columbia Money Lender License Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. applicable. If a new bond is issued, there should be no lapse in coverage. Money Lenders are required to obtain and maintain a surety bond in the amount of $5,000 for each location. Upload in : under section of the Company Form (MU1). District of Columbia Money Lender Branch License Branch Locations If applicable Request Renewal: File with the a license RENEWAL REQUEST at least applicable. If a new bond is issued, there should be no lapse in coverage. Money Lenders are required to obtain and maintain a surety bond in the amount of $5,000 for each location. Upload in : under section of the Branch Form (MU3). Page 8 of 11

9 District of Columbia Money Transmitter License Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. and effect through December 31, 2018, or an irrevocable Letter of Credit, or other similar security device. If replacing an existing bond, licensees are reminded that the name of the principal insured on the bond must match applicable. If a new security device is issued, there should be no lapse in coverage. Money Transmitters are required to obtain and maintain a security device in the amount of $50,000. If the licensee proposes to engage in business at more than one location, through authorized delegates or otherwise, the amount of the security device will be increased by $10,000 per location. The maximum amount of the security device for all locations shall not exceed $250,000. Outstanding Instruments and Transmissions Report: (a) The total dollar amount of the licensee s outstanding instruments and transmissions in the District of Columbia, as of the date of the most recent Audited Financial Statement and as of the date of the Interim Financial Statement. (b) The total dollar amount of the licensee s outstanding instruments and transmissions in the U.S.A., as of the date of the most recent Audited Financial Statement and as of the date of the Interim Financial Statement. (c) The number and dollar amount of payment instruments sold or issued and money transmission conducted by the licensee for previous twelve months. Upload in : under section of the Company Form (MU1). to disb.mtrannualreport@ dc.gov Total for DC Total for USA Number Amount $ $ Page 9 of 11

10 Page 10 of 11

11 District of Columbia Retail Seller and Consumer Sales Finance License Request Renewal: File with the a license RENEWAL REQUEST at least properly registered with DCRA. District of Columbia Retail Seller and Consumer Sales Finance Branch License Branch Locations If applicable Request Renewal: File with the a license RENEWAL REQUEST at least Page 11 of 11