Due to uncertainty regarding the proper renewal date for purposes of calculating timeliness pursuant to Section 2-6 of the Residential Mortgage Licensing Act of 1987 [205 ILCS 635/2-6] and pursuant to the Illinois Administrative Procedure Act [5 ILCS 100/10-65], an MB Licensee will remain active and can continue to operate under its 2012 license if the MB Licensee has submitted a renewal application prior to January 1, 2013 and has bond coverage for this period until January 31, 2013 or until the Department has completed its review of said renewal application. MLO Licensees who have fully renewed but are waiting for their sponsor to renew, may also continue to operate under the MBs License until January 31, 2013. However, if the sponsoring MB Licensee is denied on or before January 31, 2013 the MLO Licensee at the date of denial will no longer be active unless MLO Licensee transfers its License to an active MB Licensee. Late fees will only be issued to MB and MLO Licensees who submit renewal applications after December 31, 2012.
ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
MANUEL FLORES, ACTING SECRETARY