Section 22109.1 Of Article 3. Licensing From California Financial Code >> Division 9. >> Chapter 1. >> Article 3.
22109.1
. (a) The commissioner shall deny an application for a
mortgage loan originator license unless the commissioner makes, at a
minimum, the following findings:
(1) The applicant has never had a mortgage loan originator license
revoked in any governmental jurisdiction, except that a subsequent
formal vacation of a revocation shall not be deemed a revocation.
(2) (A) The applicant has not been convicted of, or pled guilty or
nolo contendere to, a felony in a domestic, foreign, or military
court during the seven-year period preceding the date of the
application for licensing and registration, or at any time preceding
the date of application, if the felony involved an act of fraud,
dishonesty, or a breach of trust, or money laundering. Whether a
particular crime is classified as a felony shall be determined by the
law of the jurisdiction in which an individual is convicted.
(B) For purposes of this paragraph, an expunged or pardoned felony
conviction shall not require denial of an application. However, the
commissioner may consider the underlying crime, facts, or
circumstances of an expunged or pardoned felony conviction when
determining the eligibility of an applicant for licensure under this
paragraph or paragraph (3).
(3) The applicant has demonstrated such financial responsibility,
character, and general fitness 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 division.
(4) The applicant has completed the prelicensing education
requirement described in Section 22109.2.
(5) The applicant has passed a written test that meets the test
requirement described in Section 22109.3.
(6) The applicant is employed by, and subject to the supervision
of, a finance lender or broker that has obtained a license from the
commissioner pursuant to this division.
(b) Before denying a license under this section, the commissioner
shall proceed as prescribed by Chapter 5 (commencing with Section
11500) of Part 1 of Division 3 of Title 2 of the Government Code and
shall have all the powers granted under that chapter.