Section 180.055 - Issuance of License(a) The regulatory official may not issue a residential mortgage loan originator license to an individual unless the regulatory official determines, at a minimum, that the applicant:(1) has not had a residential mortgage loan originator license revoked in any governmental jurisdiction;(2) has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:(A) during the seven-year period preceding the date of application; or(B) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;(3) demonstrates financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a determination that the individual will operate honestly, fairly, and efficiently as a residential mortgage loan originator within the purposes of this chapter and any other appropriate regulatory law of this state;(4) provides satisfactory evidence that the applicant has completed prelicensing education courses described by Section 180.056;(5) provides satisfactory evidence of having passed a written test that meets the requirements of Section 180.057; and(6) has paid a recovery fund fee or obtained a surety bond as required under the appropriate state regulatory law.(b) A revocation that has been formally vacated may not be considered a license revocation for purposes of Subsection (a)(1).(c) A conviction for which a full pardon has been granted may not be considered a conviction for purposes of Subsection (a)(2).(d) For purposes of Subsection (a)(3), an individual is considered not to be financially responsible if the individual has shown a lack of regard in managing the individual's own financial affairs or condition. A determination that an individual has not shown financial responsibility may not be based on the individual's default on a student loan but may include: (1) an outstanding judgment against the individual, other than a judgment imposed solely as a result of medical expenses;(2) an outstanding tax lien or other governmental liens and filings;(3) a foreclosure during the three-year period preceding the date of the license application; and(4) a pattern of seriously delinquent accounts, other than student loan accounts, during the three-year period preceding the date of the application.Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 506,Sec. 5, eff. 6/7/2019.Added by Acts 2009, 81st Leg., R.S., Ch. 1104, Sec. 1, eff. 6/19/2009.