§ 443.713 — Findings required for licensure.

Missouri § 443.713

• Jurisdiction: Missouri
• Title XXIX: OWNERSHIP AND CONVEYANCE OF PROPERTY
• Ch. 443: Mortgages, Deeds of Trust and Mortgage Brokers

Text

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 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; and

(c)  Provided that any pardon of a conviction shall not be a conviction for purposes of this subdivision;

(3)  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 shall operate honestly, fairly, and efficiently within the purposes of sections 443.701 to 443.893 ;

(a)  For purposes of this subdivision, an individual has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition.  A determination that an individual has not shown financial responsibility may include, but not be limited to:

a.  Current outstanding judgments, except judgments solely as a result of medical expenses;

b.  Current outstanding tax liens or other government liens and filings;

c.  Foreclosures within the past three years;

d.  A pattern of seriously delinquent accounts within the past three years;

(4)  The applicant has completed the prelicensing education requirement described in sections 443.701 to 443.893 ;

(5)  The applicant has passed a written test that meets the requirements described in sections 443.701 to 443.893 ;

(6)  The applicant or the applicant's employer has met the Missouri surety bond requirement under sections 443.701 to 443.893 .

Legislative History

(L. 2009 H.B. 382) Effective 7-08-09