§ 40-14-643 — Issuance of loan originator licenses

Wyoming § 40-14-643

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 6: ADMINISTRATION

Text

(a) The administrator shall not issue a mortgage loan
originator license unless the administrator makes at a minimum
the following findings:
(i) The applicant has not 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;
(ii) 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 (7) year period preceding
the date of the application for licensing and registration; or
(B) At any time preceding the date of
application, if the felony involved an act of fraud, dishonesty,
or a breach of trust or money laundering. Any pardon of a
conviction shall not be a conviction for the purposes of this
paragraph.
(iii) 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 act;
(iv) The applicant has completed the prelicensing
education requirement pursuant to W.S. 40-14-644;
(v) The applicant has passed a written test that
meets the test requirement described in W.S. 40-14-645.
(b) For purposes of paragraph (a)(iii) of this section, a
person has shown that he is not financially responsible when he
has shown a disregard in the management of his own financial
condition. A determination that an individual has not shown
financial responsibility shall include, but not be limited to:
(i) Having any outstanding judgment, except a
judgment solely as a result of medical expenses;
(ii) Having any outstanding tax lien or other
government lien;
(iii) Having any foreclosure within the past three
(3) years;
(iv) Having a pattern of seriously delinquent
accounts within the past three (3) years.
(c) Upon written request, an applicant is entitled to a
hearing on the question of his qualifications for a license if:
(i) The administrator has notified the applicant in
writing that his application has been denied, or objections to
the application have been filed with the administrator;
(ii) The administrator has not issued a license
within sixty (60) days after a complete application for the
license was filed.
(d) If a hearing is held, the applicant and those filing
objections shall reimburse, pro rata, the administrator for his
reasonable and necessary expenses incurred as a result of the
hearing. Notwithstanding any provision under the Wyoming
Administrative Procedure Act, a request for hearing shall not be
made more than fifteen (15) days after the applicant has
received notification by certified mail that the application has
been denied and stating in substance the administrator's finding
supporting denial of the application or that objections have
been filed and the substance thereof.