(1) The board may inactivate a state license or a registration with the nationwide mortgage licensing system and registry when a licensee has failed to:
(a) Comply with the surety bond requirements of sections 12-61-903 (6) and 12-61-907;
(b) Comply with the errors and omissions insurance requirement in section 12-61-903.5 or any rule of the board that directly or indirectly addresses errors and omissions insurance requirements;
(c) Maintain current contact information, surety bond information, or errors and omissions insurance information as required by this part 9 or by any rule of the board that directly or indirectly addresses such requirements;
(d) Respond to an investigation or examination;
(e) Comply with any of the education or testing requirements set forth in this part 9 or in any rule of the board that directly or indirectly addresses education or testing requirements; or
(f) Register with and provide all required information to the nationwide mortgage licensing system and registry.
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