5 Del. Admin. Code § 2401-6.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2401-6.0 - Issuance of Initial License

6.1 The Commissioner shall issue a mortgage loan originator license only upon finding, at a minimum, that:

6.1.1 The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacating of a revocation shall not be deemed a revocation.

6.1.2 The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

6.1.2.1 during the 7-year period preceding the date of the application for licensing and registration; or

6.1.2.2 at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, breach of trust, or money laundering;

6.1.2.3 provided that any conviction that has been pardoned shall not be a conviction for the purposes of this section.

6.1.3 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 applicant will operate as a mortgage loan originator honestly, fairly, and efficiently within the purposes of the statute and this regulation. For purposes of this section, applicants have demonstrated that they are not financially responsible when they have shown a disregard in the management of their own financial condition. A determination that an applicant has not shown financial responsibility may include, but not be limited to:

6.1.3.1 current outstanding judgments, except judgments solely as a result of medical expenses;

6.1.3.2 current outstanding tax liens or other government liens and filings;

6.1.3.3 foreclosures within the past three years;

6.1.3.4 a pattern of seriously delinquent accounts within the past three years; or

6.1.3.5 failure to pay the State or the Commissioner any money when due.

6.1.4 The applicant has completed the pre-licensing education requirements described in § 8.0.

6.1.5 The applicant has passed a written test that meets the test requirements described in § 9.0; and

6.1.6 The applicant has met the surety bond requirements described in § 12.0.

5 Del. Admin. Code § 2401-6.0