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(a) The commissioner may not issue 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 of the revocation may not be considered a revocation.

(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court: Provided, That any pardon of a conviction may not be a conviction for purposes of this subsection: Provided, however, That the commissioner shall apply 31-17A-5(b) and 31-17A-5(c) of this code in determining whether an applicants prior criminal convictions bear a rational nexus to the license being sought;

(A) During the five-year period preceding the date of the application for licensing and registration; or

(B) At any time preceding the date of application if the crime bears a rational nexus to the license being sought.

(3) 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 article.

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. The commissioner shall not use a credit score as the sole basis for license denial. 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 years; and

(D) A pattern of seriously delinquent accounts within the past three years.

(4) The applicant has completed the pre-licensing education requirement described in 31-17A-6 of this code.

(5) The applicant has passed a written test that meets the test requirement described in 31-17A-7 of this code.

(6) The applicant has met the surety bond requirement as required pursuant to 31-17A-13 of this code.

(b) The commissioner may not disqualify an applicant from initial licensure because of a prior criminal conviction that remains unreversed unless that conviction is for a crime that bears a rational nexus to the activity requiring licensure. In determining whether a criminal conviction bears a rational nexus to a profession or occupation, the commissioner shall consider at a minimum:

(1) The nature and seriousness of the crime for which the individual was convicted;