Section 23-2.5-11-2 - Required actions; denial of licensure application or renewal; suspension; revocation The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:
(1) has had a: (A) loan broker license issued under this article;(B) mortgage loan originator license issued under this article; or(C) license that is: (i) equivalent to a license described in clause (A) or (B); and(ii) issued by another jurisdiction; revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;
(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:(A) during the seven (7) year period immediately preceding the date of the application or renewal; or(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;(3) fails to maintain the bond required by IC 23-2.5-4-12;(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;(5) has failed to meet the education requirements set forth in IC 23-2.5-6;(6) has failed to pass the written examination required by IC 23-2.5-6; or(7) fails to: (A) keep or maintain records in accordance with IC 23-2.5-8; or(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8.Amended by P.L. 89-2024,SEC. 29, eff. 7/1/2024.Added by P.L. 175-2019,SEC. 2, eff. 7/1/2019.