North Carolina § 53-244 - 060. Issuance of license or registration.

§ 53-244. 060. Issuance of license or registration.

If an applicant satisfies the requirements of G.S. 53-244.050, the Commissioner shall issue a mortgage lender, mortgage broker, mortgage servicer, mortgage loan originator, or transitional mortgage loan originator license, or a mortgage origination support registrant registration, unless the Commissioner finds any of the following: The applicant has had a mortgage loan originator or mortgage lender, mortgage broker, or mortgage servicer license, or mortgage origination support registrant registration or its equivalent, revoked in any governmental jurisdiction, except that a subsequent formal vacation of the revocation shall not be deemed a revocation. The applicant or its controlling persons have been convicted of or plead 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, a breach of trust, or money laundering. The applicant or any of its controlling persons have been convicted of or plead guilty or nolo contendere to any charge in a domestic, foreign, or military court, within the past five years, of a misdemeanor involving moral turpitude or any fraud, false statement or omission, any theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or conspiracy to commit any of these offenses, or involving any financial service or financial service-related business. The applicant has demonstrated a lack of financial responsibility, character, or general fitness such as to fail to command the confidence of the community and to warrant a determination that the mortgage loan originator, transitional mortgage loan originator, or other licensee or registrant will operate honestly, fairly, and efficiently within the purposes of this Article. For purposes of this subdivision, a person shows a lack of financial responsibility when the person has shown a disregard in the management of the person's own financial affairs. Evidence that a person has not shown financial responsibility may include: Current outstanding judgments, except judgments resulting solely from medical expenses; Current outstanding tax liens or other government liens and filings; Foreclosures within the past three years; or A pattern of serious delinquent accounts within the past three years. The mortgage loan originator applicant has failed to complete the prelicensing education requirement described in G.S. 53-244.070. The mortgage loan originator applicant has failed to pass a written test that meets the requirements described in G.S. 53-244.080. The mortgage lender, mortgage broker, or mortgage servicer applicant has failed to meet the surety bond requirement described in G.S. 53-244.103. The mortgage lender, mortgage broker, or mortgage servicer applicant fails to meet the minimum net worth requirement as described in G.S. 53-244.104. The applicant's participation in the mortgage business will not be in the public interest. A pardon of a conviction shall not be a conviction for purposes of this subdivision. History (2009-374, s. 2; 2013-327, s. 4; 2015-293, s. 1.) Editor's Note. - Session Laws 2013-327, s. 17, made the amendment to this section by Session Laws 2013-327, s. 4, applicable to applications for licensure as a transitional mortgage loan originator filed on or after September 1, 2013. Session Laws 2015-293, s. 4, made the amendment to this section by Session Laws 2015-293, s. 1, applicable to all applications for registration as a mortgage origination support registrant filed on or after November 1, 2015. Session Laws 2015-293, s. 2 is a severability clause. Session Laws 2015-293, s. 3, provides: "The Commissioner of Banks may adopt temporary rules to administer this act." Effect of Amendments. - Session Laws 2013-327, s. 4, effective September 1, 2013, in the undesignated provisions of this section, added "or transitional mortgage loan originator" and made a minor stylistic change; and added "transitional mortgage loan originator" in subdivision (4). For applicability, see editor's note. Session Laws 2015-293, s. 1, effective November 1, 2015, inserted "or registration" in the section heading; inserted "or a mortgage origination support registrant registration" in the introductory language; inserted "or mortgage origination support registrant registration or its equivalent" in subdivision (1); and inserted "or registrant" in the first sentence of subdivision (4). For applicability, see editor's note.