California Financial Code

§ 50141

FIN § 50141 Effective Jan 1, 2012Div. 20 · Ch. 3.5

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 or set aside of such 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 such felony involved an act of fraud, dishonesty, 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.

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Legislative history

Amended by Stats. 2011, Ch. 444, Sec. 4. (SB 217) Effective January 1, 2012.