§ 70D-3-202. Qualifications for licensure.

     To qualify for a license under this chapter an individual shall comply with all of the following, the individual:

(1) shall comply with 12 U.S.C. Sec. 5104 to register with and maintain a unique identifier through the nationwide database;

(2) may not have had a loan originator license revoked in a governmental jurisdiction;

(3) may not have been convicted of, or pled guilty or no contest to, a felony:

(a) during the seven years preceding the day on which the individual files an application; or

(b) at any time, if the felony involves an act of:

(i) fraud;

(ii) dishonesty;

(iii) breach of trust; or

(iv) money laundering;

(4) shall demonstrate financial responsibility, character, and general fitness such as to:

(a) command the confidence of the community; and

(b) warrant a determination that the individual will operate as a loan originator honestly, fairly, and efficiently within the purposes of this chapter;

(5) shall be covered by a surety bond posted in accordance with Section 70D-3-205;

(6) shall complete the prelicensing education required by Section 70D-3-301; and

(7) shall pass the written examination required by Section 70D-3-302.

Enacted by Chapter 72, 2009 General Session