A. In addition to the findings required by § 6.2-1706, the Commission shall not issue a mortgage loan originator license unless it finds that:
1. The applicant has never had a mortgage loan originator license revoked by any governmental authority;
2. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (i) during the seven-year period preceding the application for licensing and registration; or (ii) at any time preceding such date of application if such felony involved an act of fraud, dishonesty, breach of trust, or money laundering;
3. The applicant has completed the pre-licensing education requirement described in § 6.2-1708;
4. The applicant has passed a written test that meets the test requirement described in § 6.2-1709; and
5. The applicant has become registered through, and obtained a unique identifier from, the Registry.
B. In addition to the findings required by § 6.2-1706, the Commission shall not issue a transitional mortgage loan originator license unless it (i) makes the findings set forth in subdivisions A 1, A 2, and A 5 and (ii) finds that the applicant is employed by a person licensed under Chapter 16 (§ 6.2-1600 et seq.).
History
2009, cc. 273, 453, § 6.1-431.8; 2010, c. 794; 2014, cc. 295, 343.
