(1) The minimum standards for license renewal for mortgage loan originators licensed under this part shall include the following: The mortgage loan originator continues to meet the minimum standards for license issuance pursuant to section 26-31-306, Idaho Code;
(2) The mortgage loan originator has satisfied the annual continuing education requirements pursuant to section 26-31-310, Idaho Code; and
(3) The mortgage loan originator has filed with the director through the NMLSR, on or before December 31 of each year, a renewal application containing such information as the director may require, accompanied by a nonrefundable annual license renewal fee of one hundred dollars ($100).
(4) If a mortgage loan originator fails to timely satisfy the provisions of subsection (1) of this section, notwithstanding the provisions of section 67-5254, Idaho Code, then his license automatically and immediately expires.
(5) The director may reinstate an expired license during the time period of January 1 through February 28, immediately following license expiration if the director finds that the former licensee meets the requirements for licensure under this part after submission to the director of: A complete application for renewal;
(6) The fees required to apply for license renewal unless previously paid for the period for which the license renewal applies; and
(7) A reinstatement fee of one hundred dollars ($100).