State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-729

45-729. Issuance of mortgage loan originatorlicense; director; findings required; denial; notice; appeal.(1) The director shallnot issue a mortgage loan originator license unless the director makes ata minimum the following findings:(a) The applicant hasnever had a mortgage loan originator license revoked in any governmental jurisdiction,except that a subsequent formal vacation of such revocation shall not be deemeda revocation;(b)The applicant has not been convicted of, or pleaded guilty or nolo contendereor its equivalent to, in a domestic, foreign, or military court:(i) A misdemeanor underany state or federal law which involves dishonesty or fraud or which involvesany aspect of the business of a mortgage banker, depository institution, orinstallment loan company unless such individual has received a pardon forsuch conviction; or(ii)Any felony under state or federal law unless such individual has receiveda pardon for such conviction;(c) The applicant has demonstrated financial responsibility,character, and general fitness such as to command the confidence of the communityand to warrant a determination that the mortgage loan originator will operatehonestly, fairly, and efficiently within the purposes of the Residential MortgageLicensing Act. For purposes of this subsection, an individual has shown thathe or she is not financially responsible when he or she has shown a disregardin the management of his or her own financial condition. The director mayconsider the following factors in making a determination as to financial responsibility:(i) The applicant's currentoutstanding judgments except judgments solely as a result of medical expenses;(ii) The applicant'scurrent outstanding tax liens or other government liens and filings;(iii) The applicant'sforeclosures within the past three years; and(iv) A pattern of seriously delinquentaccounts within the past three years by the applicant;(d) The applicant hascompleted the prelicensing education requirements described in section 45-730;(e) The applicant haspassed a written test that meets the test requirement described in section 45-731; and(f)The applicant is covered by a surety bond as required pursuant to section 45-724 or a supplemental surety bond as required pursuant to section 45-1007.(2) If the director determinesthat a mortgage loan originator license application should be denied, thedirector shall notify the applicant in writing of the denial and of the reasonsfor the denial. The director shall not deny an application for a mortgageloan originator license because of the failure to submit information requiredunder the act or rules and regulations adopted and promulgated under the actwithout first giving the applicant an opportunity to correct the deficiencyby supplying the missing information. A decision of the director denying amortgage loan originator license application pursuant to the act may be appealed.The appeal shall be in accordance with the Administrative Procedure Act andrules and regulations adopted and promulgated by the department under theact.(3)A mortgage loan originator license shall not be assignable. SourceLaws 2009, LB328, § 14. Cross ReferencesAdministrative Procedure Act, see section 84-920.