(A) An application to become licensed as a mortgage loan broker must be in writing, under oath, and in a form prescribed by the department. The application must contain the name and complete business and residential address or addresses of the applicant or, if the applicant is a partnership, association, limited liability company, corporation, or other form of business organization, the names and complete business and residential addresses of each member, director, and principal officer and a list of all employees who engage in direct loan brokerage activity.
(B) The application must include an affirmation of financial solvency noting bonding requirements required by the department and the descriptions of the business activities, financial responsibility, educational background, and general character and fitness of the applicant as required by this chapter. The application must be accompanied by a fee, payable to the department, of five hundred fifty dollars.
(C) An applicant must have at least two years' experience working as an originator under the supervision of a mortgage loan broker before his initial license is issued.
(1) In lieu of a showing of two years' experience, an applicant may show proof of two years' employment with a federally insured depository institution, or a VA, FHA, or HUD approved mortgagee during which the applicant was actively engaged in originating residential mortgage loans.
(2) In lieu of one of the required years' experience, an applicant may show proof of the equivalent of six or more semester hours of satisfactorily completed course work in real estate finance, real estate law, or the like counting toward the successful completion of a degree that is baccalaureate level or more advanced with a major or minor in finance, accounting, business administration, real estate finance economics, or similar baccalaureate or more advanced degree approved by the administrator or the administrator's designee from an accredited college or university.
(3) However, all mortgage loan brokers properly licensed as a mortgage loan broker before October 1, 1998, may act as mortgage loan brokers after that date without regard to the experience or education requirement of this subsection if they maintain compliance with the continuing professional education requirements of Section 40-58-67 and otherwise comply with this chapter.