Indiana Code 23-2.5-11-2. Required actions; denial of licensure application or renewal; suspension; revocation
(1) has had a:
Terms Used In Indiana Code 23-2.5-11-2
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) mortgage loan originator license issued under this article;
(C) principal manager license issued under this article; or
(D) license that is:
(i) equivalent to a license described in clause (A), (B), or (C); and
(ii) issued by another jurisdiction;
revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;
(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:
(A) during the seven (7) year period immediately preceding the date of the application or renewal; or
(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;
(3) fails to maintain the bond required by IC 23-2.5-4-12;
(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:
(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and
(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;
(5) has failed to meet the education requirements set forth in IC 23-2.5-6;
(6) has failed to pass the written examination required by IC 23-2.5-6; or
(7) fails to:
(A) keep or maintain records in accordance with IC 23-2.5-8; or
(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker’s books and records to determine compliance with IC 23-2.5-8.
As added by P.L.175-2019, SEC.2.