Issuance of License

The Commissioner shall not issue a mortgage loan originator license COL4122017 CH. 36 MORTGAGES unless the Commissioner makes, at a minimum, the following findings:

(a)No License Revocation. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

(b)No Felony Conviction. The applicant has not been convicted of, or pled guilty or nocontendere to, a felony in a domestic, foreign, or military court:

(1)during the seven (7)-year period preceding the date of the application for licensing and registration; or

(2)at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; and

(3)provided that any pardon of a conviction shall not be a conviction for purposes of this Subsection.

(c)Character and Fitness. The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this Act.

(1)For purposes of this Subsection, a person has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but not be limited to:

(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

(3)years;

(D)a pattern of seriously delinquent accounts within the past three

(3)years.

(d)Pre-Licensing Education. The applicant has completed the pre-licensing education requirement described in § 36307 of this Act. COL4122017 CH. 36 MORTGAGES

(e)Written Test. The applicant has passed a written test that meets the test requirement described in § 36308 of this Act.

(f)Surety Bond or Minimum Net Worth Requirement. The applicant has met the surety bond requirement of § 36314 or the minimum net worth requirement of § 36315 on this Act.