The commissioner shall not issue a mortgage loan originator license unless the commissioner finds at a minimum, that:
(1) the applicant has never had a mortgage loan originator license revoked in a governmental jurisdiction, except 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 to, a felony in a domestic, foreign, or military court:
(i) during the seven-year period preceding the date of the application for licensing and registration;
(ii) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; or
(iii) provided that a pardon of a conviction is not a conviction for purposes of this clause;
(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 chapter. For purposes of this chapter, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of the person's own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to:
(i) current outstanding judgments, except judgments solely as a result of medical expenses;
(ii) current outstanding tax liens or other government liens and filings;
(iii) foreclosures within the past three years; and
(iv) a pattern of seriously delinquent accounts within the past three years;
(4) the applicant has completed the prelicensing education requirement described in section 58A.06;
(5) the applicant has passed a written test that meets the test requirement described in section 58A.07; and
(6) the applicant has met the surety bond requirement as required under section 58A.13.
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