Sec. 2. The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license: (1) has had a: (A) loan broker license issued under this article; (B) mortgage loan originator license issued under this article; or (C) license that is: (i) equivalent to a license described in clause (A) or (B); 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 .
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