(a)The Secretary shall issue a license upon completion of all of the following:
(1)The filing of an application for license with the Director or the Nationwide Multistate Licensing System and Registry as approved by the Director.
(2)The filing with the Secretary of a listing of judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 10 years.
(3)The payment, in certified funds, of investigation and application fees, the total of which shall be in an amount equal to $2,700 annually.
(4)Except for a broker applying to renew a license, the filing of an audited balance sheet including all footnotes prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards which evi
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The Secretary shall issue a license upon completion of all of the following: (1) The filing of an application for license with the Director or the Nationwide Multistate Licensing System and Registry as approved by the Director. (2) The filing with the Secretary of a listing of judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 10 years. (3) The payment, in certified funds, of investigation and application fees, the total of which shall be in an amount equal to $2,700 annually. (4) Except for a broker applying to renew a license, the filing of an audited balance sheet including all footnotes prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards which evidences that the applicant meets the net worth requirements of Section 3-5. Notwithstanding the requirements of this subsection, an applicant that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements which include the applicant's financial statement. If the consolidating statements are unaudited, the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. (5) The filing of proof satisfactory to the Secretary that the applicant, the members thereof if the applicant is a partnership or association, the members or managers thereof that retain any authority or responsibility under the operating agreement if the applicant is a limited liability company, or the officers thereof if the applicant is a corporation have 3 years experience preceding application in real estate finance. Instead of this requirement, the applicant and the applicant's officers or members, as applicable, may satisfactorily complete a program of education in real estate finance and fair lending, as approved by the Secretary, prior to receiving the initial license. The Secretary shall adopt rules regarding proof of experience requirements and educational requirements and the satisfactory completion of those requirements. The Secretary may establish by rule a list of duly licensed professionals and others who may be exempt from this requirement. (6) An investigation of the application, which investigation must allow the Secretary to issue positive findings stating that the financial responsibility, experience, character, and general fitness of the license applicant and of the members thereof if the license applicant is a partnership or association, of the officers and directors thereof if the license applicant is a corporation, and of the managers and members that retain any authority or responsibility under the operating agreement if the license applicant is a limited liability company are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly and efficiently within the purpose of this Act. If the Secretary shall not so find, he or she shall not issue such license, and he or she shall notify the license applicant of the denial. The Secretary may impose conditions on a license if the Secretary determines that the conditions are necessary or appropriate. These conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Secretary. (b) All licenses shall be issued to the license applicant. Upon receipt of such license, a residential mortgage licensee shall be authorized to engage in the business regulated by this Act. Such license shall remain in full force and effect until it expires without renewal, is surrendered by the licensee or revoked or suspended as hereinafter provided.