54-14-13.1. (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.
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/sd/title-54/chapter-54-14/54-14-13-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director may not issue a mortgage loan originator license unless the director makes the following findings:
(1)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the revocation may be considered by the director;
(2)The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(a)During the seven year period preceding the date of the application for licensing and registration; or
(b)At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.
No pardon of a conviction may be considered a conviction for purposes of this subdivision;
(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. For purposes of this subdivision, an applicant shows a lack of financial responsibility if the applicant has shown a disregard in the management of his or her own financial affairs. Factors to be considered may include current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other governmental liens and filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years;
(4)The applicant has completed the pre-licensing education requirement provided for by rule pursuant to § 54-14-31 ;
(5)The applicant has passed a written test that meets the test requirement provided for by rule pursuant to § 54-14-31 ; and
(6)The applicant has met the surety bond requirement as required by § 54-14-24 and provided for by rule pursuant to § 54-14-24 .