{"data":{"id":"us-ri/r.i.-gen.-laws-19-14.10-6","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 19-14.10-6","heading":"Issuance of license.","body":"The director, or the director’s designee, shall not approve a mortgage loan originator license unless the director. or the director’s designee. 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(i) During the seven-year (7) period preceding the date of the application for licensing and registration; or\n(ii) 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.\n(iii) Pardon of a conviction shall not be a conviction for purposes of this subsection.\n(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.\n(i) For purposes of this subsection, a person has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but not be limited to:\n(i)(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;\n(C) Foreclosures within the past three years;\n(D) A pattern of seriously delinquent accounts within the past three (3) years.\n(4) The applicant has completed the pre-licensing education requirement described in § 19-14.10-7.\n(5) The applicant has passed a written test that meets the test requirement described in § 19-14.10-8.\n(6) The applicant has met the net worth or surety bond requirements required pursuant to § 19-14.10-14.","path":["Title 19 Financial Institutions","Chapter 14.10 An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE19/19-14.10/19-14.10-6.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:56:14Z","sha256":"9dbe365043093d6d4abe2620f1a778a569cb2e80bed38a60c6e51b55c15397d2","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-19-14.10-5","next":"us-ri/r.i.-gen.-laws-19-14.10-7"},"notice":"GroundRules: Original legal text. Not legal advice."}