The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings:

1. (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. (2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

   1. (A) during the 7-year period preceding the date of the application for licensing and registration; or
   2. (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;provided that any pardon of a conviction shall not be a conviction for purposes of this item (2).

3. (3) The applicant has demonstrated financial responsibility, character, and general fitness so 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. For purposes of this item (3) a person has shown that he or she is not financially responsible when he or she has shown a disregard for the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to, consideration of:

   1. (A) current outstanding judgments, except judgments solely as a result of medical expenses;
   2. (B) current outstanding tax liens or other government liens and filings, educational loan defaults, and non-payment of child support;
   3. (C) foreclosures within the past 3 years;
   4. (D) a pattern of seriously delinquent accounts within the past 3 years; and
   5. (E) an independent credit report obtained under Section 7-2(c)(2) of the Act; provided that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility.
4. (4) The applicant has completed the pre-licensing education requirement described in Section 7-4 of this Act.
5. (5) The applicant has passed a written test that meets the test requirement described in Section 7-5 of this Act.
6. (6) The applicant has met the surety bond requirement as required pursuant to Section 7-12 of this Act.

(Source: P.A. 96-112, eff. 7-31-09.)