Guam § 36306 - Issuance of License.

§ 36306. Issuance of License.

The Commissioner shall not issue a mortgage loan originator license

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unless the Commissioner makes, at a minimum, the following findings:

(a) No License Revocation. The applicant has never had a

mortgage loan originator license revoked in any governmental

jurisdiction, except that a subsequent formal vacation of such

revocation shall not be deemed a revocation.

(b) No Felony Conviction. The applicant has not been convicted

of, or pled guilty or nocontendere to, a felony in a domestic, foreign, or

military court:

(1) during the seven (7)-year period preceding the date of

the application for licensing and registration; or

(2) at any time preceding such date of application, if such

felony involved an act of fraud, dishonesty, or a breach of trust, or

money laundering; and

(3) provided that any pardon of a conviction shall not be a

conviction for purposes of this Subsection.

(c) Character and Fitness. 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 the mortgage loan originator will operate honestly,

fairly, and efficiently within the purposes of this Act.

(1) For purposes of this Subsection, a person has shown that

he or she is not financially responsible when he or she has shown

a disregard in the management of his or her own financial

condition. A determination that an individual has not shown

financial responsibility may include, but not be limited to:

(A) current outstanding judgments, except judgments

solely as a result of medical expenses;

(B) current outstanding tax liens or other government

liens and filings;

(C) foreclosures within the past three (3) years;

(D) a pattern of seriously delinquent accounts within the

past three (3) years.

(d) Pre-Licensing Education. The applicant has completed the

pre-licensing education requirement described in § 36307 of this Act.

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(e) Written Test. The applicant has passed a written test that

meets the test requirement described in § 36308 of this Act.

(f) Surety Bond or Minimum Net Worth Requirement. The

applicant has met the surety bond requirement of § 36314 or the

minimum net worth requirement of § 36315 on this Act.