§ 11-506. Qualifications for license

   (a) In general. -- To qualify for a license, an applicant shall satisfy the Commissioner that the applicant is of good moral character and has sufficient financial responsibility, business experience, and general fitness to:

   (1) Engage in business as a mortgage lender;

   (2) Warrant the belief that the business will be conducted lawfully, honestly, fairly, and efficiently; and

   (3) Command the confidence of the public.

(b) Required experience. --

   (1) To qualify for a license, the applicant shall satisfy the Commissioner that the applicant has at least 3 years of experience in the mortgage lending business.

   (2) If the applicant is a sole proprietor, the applicant shall have the required experience.

   (3) If the applicant is a joint venture, or general or limited partnership, at least one of the coventurers or general partners shall have the required experience.

   (4) If the applicant is a business entity of any other kind, type, or classification, at least one of the principal officers or members shall have the required experience.

(c) Grounds for denial. --

   (1) Except as provided in paragraph (2) of this subsection, the Commissioner may deny an application for a license to any person who has been officially reprimanded or has committed any act that would be a ground for suspension or revocation of a license under this subtitle.

   (2) The Commissioner shall deny an application for a license filed by:

      (i) An individual who has been convicted within the last 10 years of a felony involving fraud, theft, or forgery; and

      (ii) An entity that has a director, officer, partner, member, or owner of 10 percent or more of the entity who has been convicted within the last 10 years of a felony involving fraud, theft, or forgery.

HISTORY: 1989, ch. 476, § 3; 1997, ch. 588; 2004, ch. 473; 2008, ch. 7, § 2; ch. 8, § 2; 2011, ch. 148.