The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:

1. (1) has had a:

   1. (A) loan broker license issued under this article;
   2. (B) mortgage loan originator license issued under this article; or

   3. (C) license that is:

      1. (i) equivalent to a license described in clause (A) or (B); and

      2. (ii) issued by another jurisdiction;

         revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;

2. (2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:

   1. (A) during the seven (7) year period immediately preceding the date of the application or renewal; or
   2. (B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;
3. (3) fails to maintain the bond required by IC 23-2.5-4-12 ;

4. (4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:

   1. (A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and
   2. (B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;
5. (5) has failed to meet the education requirements set forth in IC 23-2.5-6 ;
6. (6) has failed to pass the written examination required by IC 23-2.5-6 ; or

7. (7) fails to:

   1. (A) keep or maintain records in accordance with IC 23-2.5-8 ; or
   2. (B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8 .

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.29.