§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).