[§454F-5]  Issuance of license.  The
commissioner shall not issue a mortgage loan originator license unless the
commissioner makes at a minimum the following findings:



(1)  The applicant has never had a mortgage loan
originator license revoked in any jurisdiction; provided that a subsequent
formal vacation of a revocation shall not be deemed a revocation;



(2)  The applicant has not been convicted of, or pled
guilty or nolo contendere, or been granted a deferred acceptance of a guilty
plea under chapter 853 to a felony in a domestic, foreign, or military court:



(A)  During the seven-year period preceding the
date of the application for licensing and registration; 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;



provided
that any pardon of a conviction shall not be deemed a conviction for purposes
of this section;



(3)  The applicant has demonstrated financial
responsibility, character, and general fitness to command the confidence of the
community and to warrant a determination that the mortgage loan originator shall
operate honestly, fairly, and efficiently pursuant to this chapter.  For
purposes of this paragraph, a person is not financially responsible when the person
has shown a disregard in the management of the person's financial condition.  A
determination that an individual has not shown financial responsibility may be
based on:



(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 years;
and



(D)  A pattern of seriously delinquent accounts
within the past three years;



(4)  The applicant has completed the pre-licensing
education requirement described in section 454F-6;



(5)  The applicant has passed a written test that
meets the test requirements in section 454F-7; and



(6)  The applicant has met the surety bond requirement
as required in section 454F-13. [L Sp 2009, c 32, pt of §2]