DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES
4 CCR 725-3

CHAPTER 2:  REQUIREMENTS FOR LICENSURE

CHAPTER 2: REQUIREMENTS FOR LICENSURE

2.4	Temporary authority and Colorado temporary license 
	
	An applicant applying for mortgage loan originator temporary license that is eligible for temporary authority must meet the following requirements:
A.	Submit a set of fingerprints to the Nationwide Multistate Licensing System and Registry (NMLS) in accordance with policies and procedures as established by the NMLS.
B.	Must be eligible for temporary authority with the NMLS in accordance with policies and procedures as established by the NMLS.
C.	Applicant must be employed and sponsored by a Colorado NMLS registered mortgage company.
D.	Applicant has not had any of the following:
1.	An application for a mortgage loan originator license denied in any jurisdiction;
2.	A mortgage loan originator license revoked or suspended in any jurisdiction;
3.	Has been subject to, or served with a cease and desist order; and
4.	Has been convicted of, or pled guilty or nolo contendere to, a misdemeanor or felony pursuant to sections 12-10-711(1)(b), (2)(b)(I), and (2)(c), C.R.S.
E.	Applicant has met either one of the following:
1.	Registered in the NMLS as a loan originator for a depository (i.e. bank or savings association) as defined in section 12-10-709(1)(b), C.R.S. during the one (1) year period preceding the date of application for a temporary license; or
2.	A license issued as a mortgage loan originator in another jurisdiction during the thirty (30) day period preceding the date of application for a temporary license. 
F.	Applicant will have seven (7) business days from notice of issuance of temporary authority from the NMLS to submit the Colorado Division of Real Estate’s “Mortgage Loan Originator License Application” which includes the following state specific requirements pursuant to section 12-10-711(11), C.R.S.:
1.	Submit a set of fingerprints for the purposes of a criminal history check to the Colorado Bureau of Investigations (CBI).
2.	Acquisition of a surety bond pursuant to section 12-10-717, C.R.S. and in accordance with any rule of the Board that directly or indirectly addresses surety bond requirements.
3.	Acquisition of the errors and omissions insurance pursuant to section 12-10-707, C.R.S. and in accordance with any rule of the Board that directly or indirectly addresses errors and omissions insurance requirements.
4.	Applicant must identify the responsible Colorado licensed mortgage loan originator (“Responsible Mortgage Loan Originator”) who is responsible for the supervision of the applicant during the time they hold an active mortgage loan originator temporary license.
5.	Payment of the non-refundable application fee as established by the Board.

2.5	A mortgage loan originator holding a temporary license must be employed and sponsored by a Colorado NMLS registered mortgage company and must be supervised by a Responsible Mortgage Loan Originator licensed in Colorado.
A.	The Responsible Mortgage Loan Originator will be held responsible under all applicable provisions of law, including without limitation this Part 7 and § 38-40-105, C.R.S., for the actions of the mortgage loan originator holding a temporary license, and are personally subject to all applicable penalties under the law.
B.	Responsible Mortgage Loan Originators must notify the Division of Real Estate, in a manner acceptable to the Board, the beginning and ending dates of supervision for mortgage loan originators holding a temporary license.
C.	Responsible Mortgage Loan Originators will be held responsible for the activities of mortgage loan originators holding a temporary license through and including the date of the temporary license expiration or termination of supervision, whichever is sooner. 
2.6	A mortgage loan originator temporary license will expire on one of the following dates, whichever is sooner:
A.	Applicant withdraws their application for a Colorado mortgage loan originator license;
B.	The Board denies the applicant’s application for a Colorado mortgage loan originator license;
C.	The Board approves and issues a Colorado mortgage loan originator license; 
D.	Supervision termination date between the Responsible Mortgage Loan Originator and the mortgage loan originator holding a temporary license; or
E.	One hundred twenty (120) days after the date the applicant was issued a temporary license.
2.7	Applicants seeking a temporary license will be granted one (1) mortgage loan originator temporary license providing the applicant meets all of the requirements as set forth in these rules. Additional or extended temporary licenses will be prohibited.
2.8	REPEALED (11/24/2019) 
2.9	Any mortgage loan originator temporary license issued by the Board will have the same force and effect of the license pursuant to section 12-10-701, et seq., C.R.S. for the period of time it is in effect.
2.10	Once the applicant fully complies with the terms of the law as determined by the Board, the Board will license the applicant in accordance with section 12-10-704, C.R.S.