N.D. Cent. Code § 13-10-05: 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 governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.

2.The applicant has not been charged pending trial, convicted, pled guilty, pled to lesser charges, or pled nolo contendere 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 such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering;

c.Provided that any pardon of a conviction shall not be a conviction for purposes of this subsection.

3.a.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.

b.For purposes of this subsection, a person has shown that that person is not financially responsible when that person has shown a disregard in the management of that person's own financial condition. A determination that an individual has not shown financial responsibility may include:

(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; and

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

4.The applicant has completed the prelicensing education requirement described in section 13-10-06.

5.The applicant has passed a written test that meets the test requirement described in section 13-10-07.

6.The applicant has met the net worth and surety bond requirements under section 13-10-13.