§454F-5 - Issuance of license.
[§454F-5] Issuance of license. The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings:
(1) The applicant has never had a mortgage loan originator license revoked in any jurisdiction; provided that a subsequent formal vacation of a revocation shall not be deemed a revocation;
(2) The applicant has not been convicted of, or pled guilty or nolo contendere, or been granted a deferred acceptance of a guilty plea under chapter 853 to a felony in a domestic, foreign, or military court:
(A) During the seven-year period preceding the date of the application for licensing and registration; or
(B) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;
provided that any pardon of a conviction shall not be deemed a conviction for purposes of this section;
(3) The applicant has demonstrated financial responsibility, character, and general fitness to command the confidence of the community and to warrant a determination that the mortgage loan originator shall operate honestly, fairly, and efficiently pursuant to this chapter. For purposes of this paragraph, a person is not financially responsible when the person has shown a disregard in the management of the person's financial condition. A determination that an individual has not shown financial responsibility may be based on:
(A) Current outstanding judgments, except judgments solely as a result of medical expenses;
(B) Current outstanding tax liens or other government liens and filings;
(C) Foreclosures within the past three years; and
(D) A pattern of seriously delinquent accounts within the past three years;
(4) The applicant has completed the pre-licensing education requirement described in section 454F-6;
(5) The applicant has passed a written test that meets the test requirements in section 454F-7; and
(6) The applicant has met the surety bond requirement as required in section 454F-13. [L Sp 2009, c 32, pt of §2]