§ 535d-6

535D.6 Conditions of licensure. An applicant for licensure as a mortgage loan originator shall demonstrate qualifications as follows: 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 shallnot be deemed a revocation. 2. The applicant has not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of theapplication for licensure; or at any time preceding such date of application, if such felonyinvolved an act of fraud, dishonesty, or a breach of trust, or money laundering. A pardon ofa conviction shall not constitute a conviction for purposes of this subsection. 3. 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 theapplicant will operate honestly, fairly, and efficiently within the purposes of this chapter. Forpurposes of this subsection, a person has shown that the person is not financially responsiblewhen the person has shown a disregard in the

rly, and efficiently within the purposes of this chapter. Forpurposes of this subsection, a person has shown that the person is not financially responsiblewhen the person has shown a disregard in the management of their own financial condition.The superintendent shall not deny a license on the sole basis of an applicant’s credit score. Adetermination that an individual has not shown financial responsibility may include but notbe limited to current outstanding judgments, except judgments solely as a result of medicalexpenses; current outstanding tax liens or other government liens or filings; foreclosureswithin the past three years; or a pattern of seriously delinquent accounts within the past threeyears. 4. The applicant has completed the prelicensing education requirements pursuant to section 535D.7. 5. The applicant has passed a written test that meets the requirements of section 535D.8.6. The applicant has met the surety bond requirement or paid into a recovery fund as required pursuant to section 535D.14. 7. There are no other grounds to deny the applicant a license pursuant to rules adopted by the superintendent.

y bond requirement or paid into a recovery fund as required pursuant to section 535D.14. 7. There are no other grounds to deny the applicant a license pursuant to rules adopted by the superintendent. Such rules may include discretionary grounds for license denial. 2009 Acts, ch 61, §7, 25Referred to in §535D.9, 535D.13 Sat Dec 23 01:38:35 2023 Iowa Code 2024, Section 535D.6 (16, 0)