The Administrator of Consumer Credit shall not issue a mortgage loan originator license unless the Administrator 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 seven-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, a breach of trust or money laundering.

      Provided, that any pardon of a conviction shall not be a conviction for purposes of this paragraph;

3. 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 act. For purposes of this paragraph, 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:

   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,
   3. c. foreclosures within the past three (3) years, or
   4. d. pattern of seriously delinquent accounts within the past three (3) years;
4. 4. The applicant has completed the prelicensing education requirement described in Section 11 of this act;
5. 5. The applicant has passed a written test that meets the test requirement described in Section 12 of this act; and
6. 6. The applicant has paid into the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund as required by paragraph 6 of subsection M of Section 9 of this act.

Laws 2009, SB 1062, c. 190, § 10, emerg. eff. July 1, 2009.