Section 13-105 - Issuance of licenseThe administrator may not issue an applicant a mortgage loan originator license unless the applicant meets the following requirements. [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. [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 [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. [2009, c. 362, Pt. B, §1 (NEW).] [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. [2009, c. 362, Pt. B, §1 (NEW).]
4.Prelicensing education. The applicant has completed the prelicensing education requirement described in section 13-106. [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. [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. [2009, c. 362, Pt. B, §1 (NEW).]
2009, c. 362, Pt. B, §1 (NEW) .