Section 19-14.10-6 - Issuance of licenseThe director, or the director's designee, shall not approve a mortgage loan originator license unless the director. or the director's designee. makes at a minimum the following findings:
(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:(i) During the seven-year (7) period preceding the date of the application for licensing and registration; or(ii) At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering.(iii) Pardon of a conviction shall not be a conviction for purposes of this subsection.(3) The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter.(i) For purposes of this subsection, a person has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but not be limited to: (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;(D) A pattern of seriously delinquent accounts within the past three (3) years.(4) The applicant has completed the pre-licensing education requirement described in § 19-14.10-7.(5) The applicant has passed a written test that meets the test requirement described in § 19-14.10-8.(6) The applicant has met the net worth or surety bond requirements required pursuant to § 19-14.10-14.R.I. Gen. Laws § 19-14.10-6
P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3; P.L. 2010, ch. 56, § 2; P.L. 2010, ch. 64, § 2.