§13-105. Issuance of license
311 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/13-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The administrator may not issue an applicant a mortgage loan originator license unless the applicant meets the following requirements. [PL 2009, c. 362, Pt. B, §1 (NEW).]
1. No license revocation. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2. No felony conviction. Except if the administrator determines that a conviction as described in paragraph A does not affect the applicant’s demonstration of good character and fitness under subsection 3 , the applicant has not been convicted of, or pleaded guilty or nolo contendere to, a felony in a domestic, foreign or military court:
A. During the 7-year period preceding the date of the application for licensing and registration; or [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
3. Character and fitness. The applicant has demonstrated financial responsibility, good character and general fitness commanding the confidence of the community and warranting a determination that the mortgage loan originator will operate honestly, fairly and efficiently in accordance with this Article.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4. Prelicensing education. The applicant has completed the prelicensing education requirement described in section 13‑106 .
[PL 2009, c. 362, Pt. B, §1 (NEW).]
5. Written test. The applicant has passed a written test that meets the requirement described in section 13‑107 .
[PL 2009, c. 362, Pt. B, §1 (NEW).]
6. Surety bond or minimum net worth requirement. The applicant has met the surety bond requirement or the net worth requirement as required pursuant to section 13‑113 .
[PL 2009, c. 362, Pt. B, §1 (NEW).]