750 IAC 9-3-2 - Licensing qualifications

Authority: IC 24-4.4-1-101

Affected: IC 4-21.5; IC 10-13-3-12; IC 24-4.4; IC 24-4.5; IC 28-11-3-5

Sec. 2.

(a) The department shall receive and act on all applications for licenses to engage as mortgage loan originators in mortgage transactions. Applications must be made as prescribed by the director.

(b) A license may not be issued unless the department finds that the professional training and experience, financial responsibility, character, and fitness of the applicant is such as to warrant belief that the mortgage loan originator will operate honestly and fairly within the purposes of this article.

(c) The director is entitled to request evidence of compliance with this section at:

(1) the time of application;

(2) the time of renewal of a license; or

(3) any other time considered necessary by the director.

(d) Evidence of compliance with this section must include:

(1) criminal background checks, as described in section 3 of this rule, including a national criminal history background check (as defined in IC 10-13-3-12, which is incorporated by reference) by the Federal Bureau of Investigation, for the applicant;

(2) credit histories as described in section 4 of this rule;

(3) prelicensing education requirements as described in section 5 of this rule;

(4) prelicensing written test requirements as described in section 6 of this rule;

(5) surety bond requirements as described in section 7 of this rule;

(6) a review of licensure actions in this and other states; and

(7) other background checks considered necessary by the director.

(e) An individual who has had a mortgage loan originator license revoked in any state may not be licensed as a mortgage loan originator under this article, except that a subsequent formal vacation of such revocation shall not be deemed a revocation. The individual must submit personal history and experience information in a form prescribed by the NMLSR, including the submission of authorization for the NMLSR and the director to obtain information related to any administrative, civil, or criminal findings by any governmental jurisdiction.

(f) For purposes of this section and in order to reduce the points of contact that the director may have to maintain for purposes of this section, the director may use the NMLSR as a channeling agent for requesting and distributing information to and from any source so directed by the director.

(g) Upon written request, an applicant is entitled to a hearing on the question of the qualifications of the applicant for a license in the manner provided in IC 4-21.5.

(h) The applicant shall pay the following fees at the time designated by the department:

(1) An initial license fee as established by the director, to be effective until June 30, 2010. Thereafter, the fee will be established by the department under IC 28-11-3-5, which is incorporated by reference.

(2) An annual renewal fee as established by the department under IC 28-11-3-5, which is incorporated by reference.

(3) Examination fees as established by the department under IC 28-11-3-5, which is incorporated by reference.

(i) A fee as established by the department under IC 28-11-3-5, which is incorporated by reference, may be charged for each day a fee under subsection (h)(2) or (h)(3) is delinquent.

(j) A license issued under this section is not assignable or transferable.

(k) If the information or record contained in an application filed under this rule is or becomes inaccurate or incomplete in a material respect, the applicant shall promptly file a correcting amendment.

Notes

750 IAC 9-3-2

Department of Financial Institutions; 750 IAC 9-3-2; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; emergency rule filed Feb 11, 2010, 2:49 p.m.: 20100217-IR-750100102ERA; emergency rule filed Dec 15, 2011, 2:54 p.m.: 20111221-IR-750110778ERA Readopted filed 12/1/2015, 9:28 a.m.: 20151230-IR-750150336RFA Readopted filed 11/3/2021, 10:48 a.m.: 20211201-IR-750210427RFA