If an applicant satisfies therequirements of G.S. 53‑244.050, the Commissioner shall issue a mortgagelender, mortgage broker, mortgage servicer, or mortgage loan originator licenseunless the Commissioner finds any of the following:
(1) The applicant hashad a mortgage loan originator or mortgage lender, mortgage broker, or mortgageservicer license revoked in any governmental jurisdiction, except that asubsequent formal vacation of the revocation shall not be deemed a revocation.
(2) The applicant or itscontrolling persons have been convicted of or plead guilty or nolo contendereto a felony in a domestic, foreign, or military court:
a. During the seven‑yearperiod preceding the date of the application for licensing and registration; or
b. At any timepreceding the date of application, if the felony involved an act of fraud,dishonesty, a breach of trust, or money laundering.
Apardon of a conviction shall not be a conviction for purposes of thissubdivision.
(3) The applicant or anyof its controlling persons have been convicted of or plead guilty or nolocontendere to any charge in a domestic, foreign, or military court, within thepast five years, of a misdemeanor involving moral turpitude or any fraud, falsestatement or omission, any theft or wrongful taking of property, bribery,perjury, forgery, counterfeiting, extortion, or conspiracy to commit any ofthese offenses, or involving any financial service or financial service‑relatedbusiness.
(4) The applicant has demonstrateda lack of financial responsibility, character, or general fitness such as tofail to command the confidence of the community and to warrant a determinationthat the mortgage loan originator or other licensee will operate honestly,fairly, and efficiently within the purposes of this Article. For purposes ofthis subdivision, a person shows a lack of financial responsibility when theperson has shown a disregard in the management of the person's own financialaffairs. Evidence that a person has not shown financial responsibility mayinclude:
a. Current outstandingjudgments, except judgments resulting solely from medical expenses;
b. Current outstandingtax liens or other government liens and filings;
c. Foreclosures withinthe past three years; or
d. A pattern of seriousdelinquent accounts within the past three years.
(5) The mortgage loanoriginator applicant has failed to complete the prelicensing educationrequirement described in G.S. 53‑244.070.
(6) The mortgage loanoriginator applicant has failed to pass a written test that meets therequirements described in G.S. 53‑244.080.
(7) The mortgage lender,mortgage broker, or mortgage servicer applicant has failed to meet the suretybond requirement described in G.S. 53‑244.103.
(8) The mortgage lender,mortgage broker, or mortgage servicer applicant fails to meet the minimum networth requirement as described in G.S. 53‑244.104.
(9) The applicant'sparticipation in the mortgage business will not be in the public interest. (2009‑374, s. 2.)
If an applicant satisfies therequirements of G.S. 53‑244.050, the Commissioner shall issue a mortgagelender, mortgage broker, mortgage servicer, or mortgage loan originator licenseunless the Commissioner finds any of the following:
(1) The applicant hashad a mortgage loan originator or mortgage lender, mortgage broker, or mortgageservicer license revoked in any governmental jurisdiction, except that asubsequent formal vacation of the revocation shall not be deemed a revocation.
(2) The applicant or itscontrolling persons have been convicted of or plead guilty or nolo contendereto a felony in a domestic, foreign, or military court:
a. During the seven‑yearperiod preceding the date of the application for licensing and registration; or
b. At any timepreceding the date of application, if the felony involved an act of fraud,dishonesty, a breach of trust, or money laundering.
Apardon of a conviction shall not be a conviction for purposes of thissubdivision.
(3) The applicant or anyof its controlling persons have been convicted of or plead guilty or nolocontendere to any charge in a domestic, foreign, or military court, within thepast five years, of a misdemeanor involving moral turpitude or any fraud, falsestatement or omission, any theft or wrongful taking of property, bribery,perjury, forgery, counterfeiting, extortion, or conspiracy to commit any ofthese offenses, or involving any financial service or financial service‑relatedbusiness.
(4) The applicant has demonstrateda lack of financial responsibility, character, or general fitness such as tofail to command the confidence of the community and to warrant a determinationthat the mortgage loan originator or other licensee will operate honestly,fairly, and efficiently within the purposes of this Article. For purposes ofthis subdivision, a person shows a lack of financial responsibility when theperson has shown a disregard in the management of the person's own financialaffairs. Evidence that a person has not shown financial responsibility mayinclude:
a. Current outstandingjudgments, except judgments resulting solely from medical expenses;
b. Current outstandingtax liens or other government liens and filings;
c. Foreclosures withinthe past three years; or
d. A pattern of seriousdelinquent accounts within the past three years.
(5) The mortgage loanoriginator applicant has failed to complete the prelicensing educationrequirement described in G.S. 53‑244.070.
(6) The mortgage loanoriginator applicant has failed to pass a written test that meets therequirements described in G.S. 53‑244.080.
(7) The mortgage lender,mortgage broker, or mortgage servicer applicant has failed to meet the suretybond requirement described in G.S. 53‑244.103.
(8) The mortgage lender,mortgage broker, or mortgage servicer applicant fails to meet the minimum networth requirement as described in G.S. 53‑244.104.
(9) The applicant'sparticipation in the mortgage business will not be in the public interest. (2009‑374, s. 2.)
If an applicant satisfies therequirements of G.S. 53‑244.050, the Commissioner shall issue a mortgagelender, mortgage broker, mortgage servicer, or mortgage loan originator licenseunless the Commissioner finds any of the following:
(1) The applicant hashad a mortgage loan originator or mortgage lender, mortgage broker, or mortgageservicer license revoked in any governmental jurisdiction, except that asubsequent formal vacation of the revocation shall not be deemed a revocation.
(2) The applicant or itscontrolling persons have been convicted of or plead guilty or nolo contendereto a felony in a domestic, foreign, or military court:
a. During the seven‑yearperiod preceding the date of the application for licensing and registration; or
b. At any timepreceding the date of application, if the felony involved an act of fraud,dishonesty, a breach of trust, or money laundering.
Apardon of a conviction shall not be a conviction for purposes of thissubdivision.
(3) The applicant or anyof its controlling persons have been convicted of or plead guilty or nolocontendere to any charge in a domestic, foreign, or military court, within thepast five years, of a misdemeanor involving moral turpitude or any fraud, falsestatement or omission, any theft or wrongful taking of property, bribery,perjury, forgery, counterfeiting, extortion, or conspiracy to commit any ofthese offenses, or involving any financial service or financial service‑relatedbusiness.
(4) The applicant has demonstrateda lack of financial responsibility, character, or general fitness such as tofail to command the confidence of the community and to warrant a determinationthat the mortgage loan originator or other licensee will operate honestly,fairly, and efficiently within the purposes of this Article. For purposes ofthis subdivision, a person shows a lack of financial responsibility when theperson has shown a disregard in the management of the person's own financialaffairs. Evidence that a person has not shown financial responsibility mayinclude:
a. Current outstandingjudgments, except judgments resulting solely from medical expenses;
b. Current outstandingtax liens or other government liens and filings;
c. Foreclosures withinthe past three years; or
d. A pattern of seriousdelinquent accounts within the past three years.
(5) The mortgage loanoriginator applicant has failed to complete the prelicensing educationrequirement described in G.S. 53‑244.070.
(6) The mortgage loanoriginator applicant has failed to pass a written test that meets therequirements described in G.S. 53‑244.080.
(7) The mortgage lender,mortgage broker, or mortgage servicer applicant has failed to meet the suretybond requirement described in G.S. 53‑244.103.
(8) The mortgage lender,mortgage broker, or mortgage servicer applicant fails to meet the minimum networth requirement as described in G.S. 53‑244.104.
(9) The applicant'sparticipation in the mortgage business will not be in the public interest. (2009‑374, s. 2.)
