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North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-10-05. Issuance of license

Current as of January 01, 2024 | Updated by Findlaw Staff

The commissioner shall 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, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

2. The applicant has not been charged pending trial, convicted, pled guilty, pled to lesser charges, or pled 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 such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering;

c. Provided that any pardon of a conviction shall not be a conviction for purposes of this subsection.

3. a. 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.

b. For purposes of this subsection, a person has shown that that person is not financially responsible when that person has shown a disregard in the management of that person's own financial condition. A determination that an individual has not shown financial responsibility may include:

(1) Current outstanding judgments, except judgments solely as a result of medical expenses;

(2) Current outstanding tax liens or other government liens and filings;

(3) Foreclosures within the past three years; and

(4) A pattern of seriously delinquent accounts within the past three years.

4. The applicant has completed the prelicensing education requirement described in section 13-10-06.

5. The applicant has passed a written test that meets the test requirement described in section 13-10-07.

6. The applicant has met the net worth and surety bond requirements under section 13-10-13.

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Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-10-05. Issuance of license - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-10-05/

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