§13-105. Issuance of license
The administrator may not issue an applicant a mortgage loan originator license unless the applicant meets the following requirements.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
1.
No license revocation.
The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2.
No felony conviction.
Except if the administrator determines that a conviction as described in paragraph A does not affect the applicant’s demonstration of good character and fitness under subsection 3, the applicant has not been convicted of, or pleaded guilty or nolo contendere to, a felony in a domestic, foreign or military court:
A.
During the 7-year period preceding the date of the application for licensing and registration; or
[PL 2009, c. 362, Pt. B, §1 (NEW).]
B.
At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
3.
Character and fitness.
The applicant has demonstrated financial responsibility, good character and general fitness commanding the confidence of the community and warranting a determination that the mortgage loan originator will operate honestly, fairly and efficiently in accordance with this Article.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4.
Prelicensing education.
The applicant has completed the prelicensing education requirement described in section 13‑106.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
5.
Written test.
The applicant has passed a written test that meets the requirement described in section 13‑107.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
6.
Surety bond or minimum net worth requirement.
The applicant has met the surety bond requirement or the net worth requirement as required pursuant to section 13‑113.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).