No registered mortgage broker may perform the services of an employee of a mortgage broker, mortgage banker or exempt organization while registered as a mortgage broker in his/her own right unless an application for inactive status has been filed with and approved by the superintendent.

The application shall be signed by the applicant. If the applicant is an individual, the application shall be executed by such individual and the signature shall be notarized. If the applicant is a corporation, the application shall be executed by each principal stockholder, the signature shall be notarized and the application shall be accompanied by a duly executed corporate board resolution indicating the board's approval of the application. If the applicant is a partnership, the application shall be executed by each partner and each signature shall be notarized. If the applicant is a trust, the application shall be executed by each trustee and each signature shall be notarized. The application may be executed in counter-parts, provided that all counter-parts are submitted together.

The superintendent reserves the right to require additional information in connection with the application. In the absence of the showing of undue hardship the superintendent may also require that the applicant and any officers, directors and/or representatives of the applicant appear at the Department of Financial Services (“department”) for conferences. The applicant may submit any additional information it deems pertinent to the application.