Section 6-973 - Licensing commercial mortgage bankers required; qualificationsA. A person shall not act as a commercial mortgage banker without a license issued under this article.B. A person who engages in commercial mortgage banking need not be licensed under article 1 or 2 of this chapter or chapter 7 of this title if the person is licensed under this article.C. The deputy director shall not grant a commercial mortgage banker's license to a person, other than a natural person, who is not registered to do business in this state on the date the license is granted. The deputy director shall not issue to or renew a commercial mortgage banker's license of an applicant unless the applicant meets all of the requirements prescribed in subsection D of this section. The deputy director shall determine whether the applicant meets the requirements based on the application, and evidence presented at a hearing, if any, or any other evidence that the deputy director may have regarding the applicant's qualifications.D. In order to qualify for a commercial mortgage banker's license or a renewal of such a license an applicant shall:1. Have at least three years' experience in the commercial mortgage business or equivalent experience in a related business. If the applicant is not a natural person, the responsible individual as prescribed by section 6-976 shall meet this requirement.2. Have made in the past or intend to make or negotiate or offer to make or negotiate commercial mortgage loans.3. Provide the deputy director with a current audited financial statement or that of its parent company prepared by an independent certified public accountant according to generally accepted accounting principles including: (a) The certified public accountant's opinion as to the fairness of the presentation according to generally accepted accounting principles.(b) A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet.(c) If the applicant has begun operations, a statement of operations and retained earnings and a statement of changes in financial position.(d) Notes to the financial statement if applicable.4. Have and maintain at all times a net worth of at least $100,000.E. Notwithstanding subsection D, paragraph 3 of this section, licensees and applicants whose own resources are derived exclusively from correspondent contracts with institutional investors shall provide the deputy director with a current financial statement or that of its parent company prepared according to generally accepted accounting principles including:1. A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet.2. If the applicant has begun operations, a statement of operations and retained earnings and a statement of changes in financial position.3. Notes to the financial statement if applicable.Amended by L. 2021, ch. 356,s. 213, eff. 9/29/2021.