Surrendering a CRMLA License
To surrender a branch license, see Surrendering a Branch License at the bottom of this page.
To surrender a main CRMLA license:
To initiate the process of surrendering a main CRMLA license, the licensee must complete the following steps:
- Notify the Department through the NMLS that they intend to surrender its main CRMLA license. See Company License Surrender Requests (nationwidelicensingsystem.org) how to submit a surrender request in NMLS.
Submitting a surrender request through NMLS does not complete the surrender process.
- Within 5 business days of submitting a surrender request in NMLS, submit the following directly to the Department:
- Original license and indicia.
- Written statement giving notice of the intent to surrender. This statement must be signed by a control person.
- A closing audit, review or other agreed upon procedures performed by an independent certified public accountant. The details of what the closing audit should include are in the CRMLA Surrender License (PDF)
- A detailed description of the plan to process pending loan applications, if applicable.
- A detailed description of the plan to transfer its servicing portfolio, if applicable.
- Any other pending items with the Department.
- Resolve other pending matters with the Department; for example, settle unpaid bills.
For full details see the CRMLA Surrender License (PDF) Checklist.
The license is not deemed surrendered until the Department notifies you that the surrender request has been approved.
Until the surrender request is approved by the Department, the licensee must continue to comply with applicable rules and regulations, including but not limited to the following:
- Submission of CRMLA annual reports, due March 1
- Payment of assessment fee, due around September/October
- Submission of audited financial statements, due 105 days after the licensee’s fiscal year end
- Payment of examination bills
Failure to comply with certain requirements while the surrender is in process may still constitute grounds for revocation of the license. A license may be revoked despite a pending surrender request. See CRMLA Surrender License (PDF) Checklist for complete details.
Surrendering a Branch License
The licensee must notify the Department through the NMLS that they intend to surrender the branch license. See Company License Surrender Requests (nationwidelicensingsystem.org) how to submit a surrender request in NMLS. For full details, see the Surrender Branch License Checklist (PDF).