Sec. 7. (a) The license of a mortgage loan originator is not effective during any period during which the mortgage loan originator is not employed by a loan broker that is licensed under this article. (b) If a licensed mortgage loan originator seeks to transfer the licensee's license to another loan broker who desires to have the licensee act as a manager or mortgage loan originator, whichever applies, the licensee shall, before acting as a 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 3 of this chapter. (c) If the employment of a manager or mortgage loan originator by a loan broker is terminated: (1) voluntarily by the manager or mortgage loan originator; or (2) by the loan broker employing the 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.
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