Ind. Code § 23-2.5-11-2

Current through P.L. 171-2024

Section 23-2.5-11-2 - [Effective 7/1/2024] Required actions; denial of licensure application or renewal; suspension; revocation

The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:

(1) has had a:

(A) loan broker license issued under this article;

(B) mortgage loan originator license issued under this article; or

(C) license that is:

(i) equivalent to a license described in clause (A) or (B); and

(ii) issued by another jurisdiction; revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;

(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:

(A) during the seven (7) year period immediately preceding the date of the application or renewal; or

(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;

(3) fails to maintain the bond required by IC 23-2.5-4-12;

(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:

(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and

(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;

(5) has failed to meet the education requirements set forth in IC 23-2.5-6;

(6) has failed to pass the written examination required by IC 23-2.5-6; or

(7) fails to:

(A) keep or maintain records in accordance with IC 23-2.5-8; or

(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8.

IC 23-2.5-11-2

Amended by P.L. 89-2024,SEC. 29, eff. 7/1/2024.

Added by P.L. 175-2019,SEC. 2, eff. 7/1/2019.

This section is set out more than once due to postponed, multiple, or conflicting amendments.