§ 19-14.10-6 - Issuance of license.
SECTION 19-14.10-6
§ 19-14.10-6 Issuance of license. –The director or the director's designee shall not approve a mortgage loanoriginator license unless the director or the director's designee makes at aminimum the following findings:
(1) The applicant has never had a mortgage loan originatorlicense revoked in any governmental jurisdiction, except that a subsequentformal vacation of such revocation shall not be deemed a revocation.
(2) The applicant has not been convicted of, or pled guiltyor nolo contendere to, a felony in a domestic, foreign, or military court:
(i) During the seven (7) year period preceding the date ofthe application for licensing and registration; or
(ii) At any time preceding such date of application, if suchfelony involved an act of fraud, dishonesty, or a breach of trust, or moneylaundering.
(iii) Pardon of a conviction shall not be a conviction forpurposes of this subsection.
(3) The applicant has demonstrated financial responsibility,character, and general fitness such as to command the confidence of thecommunity and to warrant a determination that the mortgage loan originator willoperate honestly, fairly, and efficiently within the purposes of this chapter.
(i) For purposes of this subsection a person has shown thathe or she is not financially responsible when he or she has shown a disregardin the management of his or her own financial condition. A determination thatan individual has not shown financial responsibility may include, but not belimited to:
(i) Current outstanding judgments, except judgments solely asa result of medical expenses;
(ii) Current outstanding tax liens or other government liensand filings;
(iii) Foreclosures within the past three years;
(iv) A pattern of seriously delinquent accounts within thepast three (3) years.
(d) The applicant has completed the pre-licensing educationrequirement described in § 19-14.10-7.
(e) The applicant has passed a written test that meets thetest requirement described in § 19-14.10-8.
(f) The applicant has met the net worth or surety bondrequirements required pursuant to § 19-14.10-14.