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Illinois Statutes Chapter 205. Financial Regulation § 635/7-3. Issuance of license

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 7-3. Issuance of license. The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings:

(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

(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 7-year period preceding the date of the application for licensing and registration; or

(B) at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering;

provided that any pardon of a conviction shall not be a conviction for purposes of this item (2).

(3) The applicant has demonstrated financial responsibility, character, and general fitness so 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 Act. For purposes of this item (3) a person has shown that he or she is not financially responsible when he or she has shown a disregard for the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to, consideration of:

(A) current outstanding judgments, except judgments solely as a result of medical expenses;

(B) current outstanding tax liens or other government liens and filings, educational loan defaults, and non-payment of child support;

(C) foreclosures within the past 3 years;

(D) a pattern of seriously delinquent accounts within the past 3 years; and

(E) an independent credit report obtained under Section 7-2(c)(2)of the Act; provided that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility.

(4) The applicant has completed the pre-licensing education requirement described in Section 7-4 of this Act.

(5) The applicant has passed a written test that meets the test requirement described in Section 7-5 of this Act.

(6) The applicant has met the surety bond requirement as required pursuant to Section 7-12 of this Act.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 635/7-3. Issuance of license - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-635-7-3/

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