45-735 Mortgage loan originator; employee or independent agent; restriction on activities; written agency contract; notification to department; fee; notice of termination. - Nebraska Statutes

45-735. Mortgage loan originator; employeeor independent agent; restriction on activities; written agency contract;notification to department; fee; notice of termination.(1) A mortgage loan originator shall bean employee or independent agent of a single licensed mortgage banker, registrant,or installment loan company that shall directly supervise, control, and maintainresponsibility for the acts and omissions of the mortgage loan originator.(2) A mortgage loan originatorshall not engage in mortgage loan origination activities at any location thatis not a main office location of a licensed mortgage banker, registrant, orinstallment loan company or a branch office of a licensed mortgage bankeror registrant. The licensed mortgage banker, registrant, or installment loancompany shall designate the location or locations at which each mortgage loanoriginator is originating residential mortgage loans.(3) Any licensed mortgage banker,registrant, or installment loan company who engages an independent agent asa mortgage loan originator shall maintain a written agency contract with suchmortgage loan originator. Such written agency contract shall provide thatthe mortgage loan originator is originating loans exclusively for the licensedmortgage banker, registrant, or installment loan company.(4) A licensed mortgagebanker, registrant, or installment loan company that has hired a licensedmortgage loan originator as an employee or entered into an independent agentagreement with such licensed mortgage loan originator shall provide notificationto the department as soon as reasonably possible after entering into suchrelationship, along with a fee of fifty dollars. The employing entity shallnot allow the mortgage loan originator to conduct such activity in this stateprior to such notification to the department and confirmation that the departmenthas received notice of the termination of the mortgage loan originator's prioremployment.(5)A licensed mortgage banker, registrant, or installment loan company shallnotify the department no later than ten days after the termination, whethervoluntary or involuntary, of a mortgage loan originator unless the mortgageloan originator has previously notified the department of the termination. SourceLaws 2009, LB328, § 20.