2009 Hawaii Code
Volume 10
TITLE 25 - PROFESSIONS AND OCCUPATIONS
CHAPTER 454F - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT
§454F-5 - Issuance of license.

     [§454F-5]  Issuance of license.  The commissioner shall 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 jurisdiction; provided that a subsequent formal vacation of a revocation shall not be deemed a revocation;

     (2)  The applicant has not been convicted of, or pled guilty or nolo contendere, or been granted a deferred acceptance of a guilty plea under chapter 853 to a felony in a domestic, foreign, or military court:

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

         (B)  At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering;

          provided that any pardon of a conviction shall not be deemed a conviction for purposes of this section;

     (3)  The applicant has demonstrated financial responsibility, character, and general fitness to command the confidence of the community and to warrant a determination that the mortgage loan originator shall operate honestly, fairly, and efficiently pursuant to this chapter.  For purposes of this paragraph, a person is not financially responsible when the person has shown a disregard in the management of the person's financial condition.  A determination that an individual has not shown financial responsibility may be based on:

         (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 section 454F-6;

     (5)  The applicant has passed a written test that meets the test requirements in section 454F-7; and

     (6)  The applicant has met the surety bond requirement as required in section 454F-13. [L Sp 2009, c 32, pt of §2]