{"data":{"id":"us-ia/iowa-code-535d.6","jurisdiction":"us-ia","citation":"Iowa Code § 535D.6","heading":"Conditions of licensure.","body":"An applicant for licensure as a mortgage loan originator shall demonstrate qualifications as follows:\n1. 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.\n2. The applicant has not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application for licensure; or 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. A pardon of a conviction shall not constitute a conviction for purposes of this subsection.\n3. 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 applicant will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subsection, a person has shown that the person is not financially responsible when the person has shown a disregard in the management of their own financial condition. The superintendent shall not deny a license on the sole basis of an applicant’s credit score. A determination that an individual has not shown financial responsibility may include but not be limited to current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other government liens or filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years.\n4. The applicant has completed the prelicensing education requirements pursuant to section 535D.7.\n5. The applicant has passed a written test that meets the requirements of section 535D.8.\n6. The applicant has met the surety bond requirement or paid into a recovery fund as required pursuant to section 535D.14.\n7. There are no other grounds to deny the applicant a license pursuant to rules adopted by the superintendent. Such rules may include discretionary grounds for license denial.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 535D - MORTGAGE LICENSING ACT"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/535D.6.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:14Z","sha256":"2124fdc38b0eb2971269aab7fbac4c3fe3b17f7967d63f0eef5c0e83f77bf688","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-535d.5","next":"us-ia/iowa-code-535d.7"},"notice":"GroundRules: Original legal text. Not legal advice."}