P.R. Laws tit. 7, § 3055a
To obtain a mortgage loan originator license under this subchapter, the applicant shall prove that:
(a) He/she has never had a mortgage loan originator license revoked in any jurisdiction;
(b) he/she has not been convicted of, pled guilty or nolo contendere to a felony in any court of any jurisdiction:
(1) During a period of seven (7)-year period preceding the date of the application for licensing and registration, or
(2) at any time preceding such date of application, if such felony involved fraud, dishonesty, forgery, or money laundering.
(c) has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the loan originator shall operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this section, a person shall be deemed to lack financial responsibility when he/she has shown negligence in the management of his/her financial situation;
(d) has completed the pre-licensing education requirement, as described in § 3055e of this title;
(e) has passed a written test that meets the test requirement described in § 3055f of this title;
(f) has met the minimum surety bond requirement described in § 3055c of this title; and
(g) is under the supervision of a single licensee to engage in the mortgage lending or brokerage business.
History —Dec. 30, 2010, No. 247, § 5.2, eff. 120 days after Dec. 30, 2010.