§ 19-14.10-6 — § 19-14.10-6. Issuance of license.

Rhode Island § 19-14.10-6

• Jurisdiction: Rhode Island
• Title 19: Financial institutions
• Ch. 19-14.10: An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009

Text

§ 19-14.10-6. Issuance of license.

The director, or the director's designee, shall not approve a mortgage loan originator license unless the director. or the director's designee. 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:

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

(ii) 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.

(iii) Pardon of a conviction shall not be a conviction for purposes of this subsection.

(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 will operate honestly, fairly, and efficiently within the purposes of this chapter.

(i) For purposes of this subsection, a person 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:

(i)(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 (3) years.

(4) The applicant has completed the pre-licensing education requirement described in §â€‚19-14.10-7.

(5) The applicant has passed a written test that meets the test requirement described in §â€‚19-14.10-8.

(6) The applicant has met the net worth or surety bond requirements required pursuant to §â€‚19-14.10-14.

Legislative History

P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3; P.L. 2010, ch. 56, § 2; P.L. 2010, ch. 64, § 2.