New Mexico Statutes 58-21B-6. Issuance of license
The director shall not issue a mortgage loan originator license unless the director makes at a minimum the following findings:
Terms Used In New Mexico Statutes 58-21B-6
- Conviction: A judgement of guilt against a criminal defendant.
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
A. the applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a formal vacation of such revocation shall not be deemed a revocation;
B. the applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court, not including a juvenile court:
(1) during the seven-year period preceding the date of the application for licensing and registration; or
(2) at any time preceding the date of application, if the felony involved an act of fraud or dishonesty, a breach of trust or money laundering; and
(3) provided that any pardon of a conviction shall not be a conviction for the purposes of this subsection;
C. the applicant has demonstrated financial responsibility, good character and general fitness so 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 the New Mexico Mortgage Loan Originator Licensing Act. For the purposes of this subsection, an individual has shown that the individual is not financially responsible when the individual has shown a disregard in the management of the individual’s own financial condition. A determination that an individual has not shown financial responsibility may include but is not limited to:
(1) current outstanding judgments, except judgments solely as a result of medical expenses;
(2) current outstanding tax liens or other government liens and filings; (3) foreclosures within the past three years; or
(4) a pattern of seriously delinquent accounts within the past three years;
D. the applicant has completed the pre-licensing education requirement set forth in Section 7 [58-21B-7 N.M. Stat. Ann.] of the New Mexico Mortgage Loan Originator Licensing Act;
E. the applicant has passed a written test that meets the test requirement set forth in Section 8 [58-21B-8 N.M. Stat. Ann.] of the New Mexico Mortgage Loan Originator Licensing Act; and
F. the applicant has met the surety bond requirements set forth in Section 17 [58- 21B-17 NMSA 1978] of the New Mexico Mortgage Loan Originator Licensing Act.