Sec. 7. (a) The license of a principal manager or a mortgage loan originator is not effective during any period during which the mortgage loan originator or principal manager is not employed by a loan broker that is licensed under this article.
(b) If a licensed principal manager or mortgage loan originator seeks to transfer the licensee's license to another loan broker who desires to have the licensee act as a principal manager or mortgage loan originator, whichever applies, the licensee shall, before acting as a principal manager or mortgage loan originator for the new employer, submit to the commissioner, on a form prescribed by the commissioner, a license application required by section 2 or 3 of this chapter, whichever applies.
(c) If the employment of a principal manager or mortgage loan originator by a loan broker is terminated:
(1) voluntarily by the principal manager or mortgage loan originator; or
(2) by the loan broker employing the principal manager or mortgage loan originator;
the loan broker shall, not later than five (5) days after the date of the termination, notify the commissioner of the termination and the reasons for the termination.
As added by P.L.175-2019, SEC.2.
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