California Financial Code

§ 22109.1

FIN § 22109.1 Effective Jan 1, 2012Div. 9 · Ch. 1 · Art. 3

Statute text

(a)The commissioner shall deny an application for a mortgage loan originator license unless the commissioner 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 a revocation shall not be deemed a revocation.

(2)(A) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application for licensing and registration, or at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering. Whether a particular crime is classified as a felony shall be determined by the law of the jurisdiction in which an individual is convicted.

…

Legislative history

Amended by Stats. 2011, Ch. 444, Sec. 3. (SB 217) Effective January 1, 2012.