North Dakota Code 13-10-05 – Issuance of license
The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings:
Terms Used In North Dakota Code 13-10-05
- Conviction: A judgement of guilt against a criminal defendant.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a human being. See North Dakota Code 1-01-49
- 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.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
1. 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.
2. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
a. During the seven-year period preceding the date of the application for licensing and registration; or
b. 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; c. Provided that any pardon of a conviction shall not be a conviction for purposes of this subsection.
3. a. 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 chapter.
b. For purposes of this subsection, a person has shown that that person is not financially responsible when that person has shown a disregard in the management of that person’s own financial condition. A determination that an individual has not shown financial responsibility may include:
(1) Current outstanding judgments, except judgments solely as a result of medical expenses; (2) Current outstanding tax liens or other government liens and filings; (3) Foreclosures within the past three years; and
(4) A pattern of seriously delinquent accounts within the past three years.
4. The applicant has completed the prelicensing education requirement described in section 13-10-06.
5. The applicant has passed a written test that meets the test requirement described in section 13-10-07.
6. The applicant has met the net worth and surety bond requirements under section 13-10-13.