§ 11-605
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§11–605.
(a)The Commissioner may not issue a mortgage loan originator license unless the Commissioner makes, at a minimum, the following findings:
(1)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction;
(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 7–year period immediately preceding the date of the application for licensing; or
(ii)At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering;
(3)The applicant has demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently;
(4)The applicant has completed the prelicensing education requirement under § 11–606 of this subtitle and any prelicensing education requirements established by the Commissioner by regulation;
(5)The applicant has passed a test that meets the requirements established under § 11–606.1 of this subtitle and any prelicensing testing requirements established by the Commissioner by regulation; and
(6)The applicant has met the surety bond requirement under § 11–619 of this subtitle.
(b)A conviction for which a pardon has been granted is not a conviction for purposes of subsection (a)(2) of this section.
(c)A determination that an individual does not meet the requirements for financial responsibility under subsection (a)(3) of this section may not be based solely on:
(1)Debts arising from medical expenses, including judgments;
(2)Except for delinquent child support payments, debts, including judgments, arising from divorce proceedings or divorce settlements;
(3)Foreclosures on the applicant’s principal residence;
(4)The applicant’s credit score as reported by any consumer reporting agency, as defined in 15 U.S.C. § 1681a; or
(5)The applicant’s involvement in a bankruptcy proceeding under Title 11 of the United States Code.