Section 26-C1115. ANNUAL ASSESSMENTS

 

1115.1Each licensed mortgage lender, mortgage broker, or mortgage dual authority licensee who held a license during the prior licensing period shall be subject to an assessment as prescribed in Appendix A.  The assessment shall be determined to be the sum of a fixed amount based on the license type plus a variable amount based on the number of loans originated, brokered, or serviced in the previous license period as prescribed in Appendix A.

 

1115.2 A licensee who has been charged and pays an annual assessment fee shall not be subject to an examination fee in the same year unless the following occurs:

 

(a) The Commissioner determines that an out-of-state examination is necessary; or

 

(b) The Commissioner determines that a special investigation is necessary.

 

1115.3All annual assessments are due on or before October 15 of each calendar year.  Failure to file an annual assessment by October 15 of a calendar year shall subject the licensee to the late fees prescribed in Appendix A.

 

1115.4 In addition to the imposition of any fees prescribed in Appendix A, the Commissioner may initiate an enforcement action within his or her authority to enforce the provisions of this section.

 

authority

The Commissioner of the Department of Insurance, Securities and Banking (Department), pursuant to the authority set forth in section 22 of the Mortgage Lender and Broker Act of 1996, effective September 9, 1996 (D.C. Law 11-155; D.C. Official Code § 26-1121 (2001)) (Act).

source

Final Rulemaking published at 56 DCR 4356, 4368-4369 (June 5, 2009); as amended by Notice of Emergency and Proposed Rulemaking published at 57 DCR 7908 (August 27, 2010)[EXPIRED]; as amended by Notice of Final Rulemaking published at 57 DCR 12219, 12220 (December 24, 2010).