{"data":{"id":"us-il/205-ilcs-635-7-3","jurisdiction":"us-il","citation":"205 ILCS 635/7-3","heading":"Issuance of license.","body":"The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings:\n(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.\n(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:\n(A) during the 7-year period preceding the date of the application for licensing and registration; or\n(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;\nprovided that any pardon of a conviction shall not be a conviction for purposes of this item (2).\n(3) The applicant has demonstrated financial responsibility, 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 this Act. For purposes of this item (3) a person has shown that he or she is not financially responsible when he or she has shown a disregard for the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to, consideration of:\n(A) current outstanding judgments, except judgments solely as a result of medical expenses;\n(B) current outstanding tax liens or other government liens and filings, educational loan defaults, and non-payment of child support;\n(C) foreclosures within the past 3 years;\n(D) a pattern of seriously delinquent accounts within the past 3 years; and\n(E) an independent credit report obtained under Section 7-2(c)(2) of the Act; provided that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility.\n(4) The applicant has completed the pre-licensing education requirement described in Section 7-4 of this Act.\n(5) The applicant has passed a written test that meets the test requirement described in Section 7-5 of this Act.\n(6) The applicant has met the surety bond requirement as required pursuant to Section 7-12 of this Act.","path":["CHAPTER 205 FINANCIAL REGULATION","Residential Mortgage License Act of 1987."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=1196\u0026ChapterID=20\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:29Z","sha256":"feebe556d5ab4a38b9e8a63148d32c0a8582f56472f784fafd6822b26a88265c","source_id":"us-il","stale":false,"prev":"us-il/205-ilcs-635-7-2","next":"us-il/205-ilcs-635-7-4"},"notice":"GroundRules: Original legal text. Not legal advice."}