The Director shall not issue a mortgage loan originator license unless the Director 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 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 7-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; provided that any pardon of a conviction shall not be a conviction for purposes of this item (2). (3) The applicant has demonstrated financial responsibility, character, and general fitness so 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. For purposes of this item (3) a person has shown that he or she is not financially responsible when he or she has shown a disregard for the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to, consideration of: (A) current outstanding judgments, except judgments solely as a result of medical expenses; (B) current outstanding tax liens or other government liens and filings, educational loan defaults, and non-payment of child support; (C) foreclosures within the past 3 years; (D) a pattern of seriously delinquent accounts within the past 3 years; and (E) an independent credit report obtained under Section 7-2(c)(2) of the Act; provided that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility. (4) The applicant has completed the pre-licensing education requirement described in Section 7-4 of this Act. (5) The applicant has passed a written test that meets the test requirement described in Section 7-5 of this Act. (6) The applicant has met the surety bond requirement as required pursuant to Section 7-12 of this Act. the application for licensing and registration; or if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; solely as a result of medical expenses; government liens and filings, educational loan defaults, and non-payment of child support; within the past 3 years; and Section 7-2(c)(2) of the Act; provided that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility.
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