(1)The department shall receive and act
on all applications for licenses to engage in first lien mortgage
transactions. Applications must be made as prescribed by the director.
If, at any time, the information or record contained in:
(a)an application filed under this section; or
(b)a renewal application filed under section 403 of this chapter;
is or becomes inaccurate or incomplete in a material respect, the
applicant shall promptly file a correcting amendment with the
department.
(2)A license may not be issued unless the department finds that the
professional training and experience, financial responsibility, character,
and fitness of:
(a)the applicant and any significant affiliate of the applicant;
(b)each executive officer, director, or manager of the applicant,
or any other indi
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(1) The department shall receive and act
on all applications for licenses to engage in first lien mortgage
transactions. Applications must be made as prescribed by the director.
If, at any time, the information or record contained in:
(a) an application filed under this section; or
(b) a renewal application filed under section 403 of this chapter;
is or becomes inaccurate or incomplete in a material respect, the
applicant shall promptly file a correcting amendment with the
department.
(2) A license may not be issued unless the department finds that the
professional training and experience, financial responsibility, character,
and fitness of:
(a) the applicant and any significant affiliate of the applicant;
(b) each executive officer, director, or manager of the applicant,
or any other individual having a similar status or performing a
similar function for the applicant; and
(c) if known, each person directly or indirectly owning of record
or owning beneficially at least ten percent (10%) of the
outstanding shares of any class of equity security of the applicant;
are such as to warrant belief that the business will be operated honestly
and fairly within the purposes of this article.
(3) The director is entitled to request evidence of compliance with
this section at:
(a) the time of application;
(b) the time of renewal of a license; or
(c) any other time considered necessary by the director.
(4) Evidence of compliance with this section must include:
(a) criminal background checks, as described in section 402.1 of
this chapter, including a national criminal history background
check (as defined in IC 10-13-3-12) by the Federal Bureau of
Investigation, for any individual described in subsection (2);
(b) credit histories as described in section 402.2 of this chapter;
(c) surety bond requirements as described in section 402.3 of this
chapter;
(d) a review of licensure actions in Indiana and in other states;
and
(e) other background checks considered necessary by the director.
(5) For purposes of this section and in order to reduce the points of
contact that the director has to maintain for purposes of this section, the
director may use the NMLSR as a channeling agent for requesting and
distributing information to and from any source as directed by the
director.
(6) The department may deny an application under this section if the
director of the department determines that the application was
submitted for the benefit of, or on behalf of, a person who does not
qualify for a license.
(7) Upon written request, the applicant is entitled to a hearing on the
question of the qualifications of the applicant for a license in the
manner provided in IC 4-21.5.
(8) The applicant shall pay the following fees at the time designated
by the department:
(a) An initial license fee as established by the department under
IC 28-11-3-5.
(b) An annual renewal fee as established by the department under
IC 28-11-3-5.
(c) Examination fees as established by the department under IC 28-11-3-5.
(9) A fee as established by the department under IC 28-11-3-5 may
be charged for each day a fee under subsection 8(b) or 8(c) is
delinquent.
(10) Except in a transaction approved under section 406 of this
chapter, a license issued under this section is not assignable or
transferable.
(11) If the department of state revenue notifies the department that
a person is on the most recent tax warrant list, the department shall not
issue or renew the person's license until:
(a) the person provides to the department a statement from the
department of state revenue that the person's tax warrant has been
satisfied; or
(b) the department receives a notice from the commissioner of the
department of state revenue under IC 6-8.1-8-2(k).