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unless the Commissioner makes, at a minimum, the following findings:

(a) No License Revocation. 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.

(b) No Felony Conviction. The applicant has not been convicted of, or pled guilty or nocontendere to, a felony in a domestic, foreign, or military court:

(1) during the seven (7)-year period preceding the date of the application for licensing and registration; or

(2) at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; and

(3) provided that any pardon of a conviction shall not be a conviction for purposes of this Subsection.

(c) Character and Fitness. 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.

(1) For purposes of this Subsection, a person 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:

(A) current outstanding judgments, except judgments solely as a result of medical expenses;

(B) current outstanding tax liens or other government liens and filings;

(C) foreclosures within the past three (3) years;

(D) a pattern of seriously delinquent accounts within the past three (3) years.

(d) Pre-Licensing Education. The applicant has completed the pre-licensing education requirement described in § 36307 of this Act.

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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES

(e) Written Test. The applicant has passed a written test that meets the test requirement described in § 36308 of this Act.

(f) Surety Bond or Minimum Net Worth Requirement. The applicant has met the surety bond requirement of § 36314 or the minimum net worth requirement of § 36315 on this Act.

§ 36307. Pre-Licensing and Re-Licensing Education of Loan
Originators.

(a) Minimum Educational Requirements. In order to meet the pre- licensing education requirement referred to in § 36306 (d) of this Act, a person shall complete at least twenty (20) hours of education approved in accordance with Subsection (b) of this Section, which shall include at least:

(1) three (3) hours of Federal law and regulations;

(2) three (3) hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and

(3) two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace.

(b) Approved Educational Courses. For the purposes of Subsection (a) of this Section, pre-licensing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.

(c) Approval of Employer and Affiliate Educational Courses. Nothing in this Section shall preclude any pre-licensing education course, as approved by the Nationwide Mortgage Licensing System and Registry that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.

(d) Venue of Education. Pre-licensing education may be offered either in a classroom, online or by any other means approved by the Nationwide Mortgage Licensing System and Registry.

(e) Reciprocity of Education. The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in Subsections (a)(1), (2) and (3) of this Section for any State shall be accepted as credit towards completion of pre-licensing education requirements in Guam.

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(f) Re-Licensing Education Requirements. A person previously licensed under this Act, subsequent to the Effective Date of this Act and applying to be licensed again, must prove that they have completed all of the continuing education requirements for the year in which the license was last held.