70D-3-202. Qualifications for licensure.

201 words·~1 min read·/ut/title-70d/chapter-3/70d-3-202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

To qualify for a license under this chapter an individual shall comply with all of the following, the individual:

(1)shall comply with 12 U.S.C. Sec. 5104 to register with and maintain a unique identifier through the nationwide database;

(2)may not have had a loan originator license revoked in a governmental jurisdiction;

(3)may not have been convicted of, or pled guilty or no contest to, a felony:

(a)during the seven years preceding the day on which the individual files an application; or

(b)at any time, if the felony involves an act of:

(i)fraud;

(ii)dishonesty;

(iii)breach of trust; or

(iv)money laundering;

(4)shall demonstrate financial responsibility, character, and general fitness such as to:

(a)command the confidence of the community; and

(b)warrant a determination that the individual will operate as a loan originator honestly, fairly, and efficiently within the purposes of this chapter;

(5)shall be covered by a surety bond posted in accordance with Section 70D-3-205 ;

(6)shall complete the prelicensing education required by Section 70D-3-301 ; and

(7)shall pass the written examination required by Section 70D-3-302 .

Enacted by Chapter 72 , 2009 General Session