Section 599-E. Issuance of a license

1. Findings. Notwithstanding any other
  law,  the  superintendent  shall  not  issue a mortgage loan origination
  license unless he or she makes, at a minimum, the following findings:
    (a) No license revocation. That the applicant has never had a mortgage
  loan originator authorization, license or license equivalent revoked  in
  any  governmental jurisdiction, except that a subsequent formal vacation
  of such revocation shall not be deemed a revocation;
    (b) No felony conviction. That the applicant has  not  been  convicted
  of,  or  pled  guilty  or  nolo  contendere  to, a felony in a domestic,
  foreign, or military court:
    (i) During the seven-year period preceding the date of the application
  for licensing; or
    (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,  provided  that  for  purposes  of  this  subdivision,   the
  superintendent  may,  in  his  or her discretion, disregard a conviction
  where the felon has been pardoned;
    (c)  Character  and  fitness.  That  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  MLO will operate honestly, fairly, and efficiently within the
  purposes of this article;
    (d) Pre-licensing education. That  the  applicant  has  completed  the
  pre-licensing  education  requirement  described in section five hundred
  ninety-nine-f of this article;
    (e) Written test. That the applicant has passed a  written  test  that
  meets   the   test   requirement   described  in  section  five  hundred
  ninety-nine-g of this article;
    (f)  Surety  bond.  That  the  applicant  has  met  the  surety   bond
  requirement  described  in  section  five  hundred ninety-nine-k of this
  article; and
    (g) Affiliation. Unless  the  superintendent  shall  have  waived  the
  affiliation  requirement  pursuant to regulations adopted by the banking
  board,  that  the  applicant  is  employed  by,  or  is  an  independent
  contractor  of  (i)  an originating entity, (ii) solely in the case of a
  mortgage loan originator  engaged  in  the  origination  of  residential
  mortgage  loans  on manufactured homes, an entity licensed under article
  nine or eleven-B of this chapter, or (iii) in the  case  of  a  mortgage
  loan  originator  engaged  in  mortgage loan servicing and employed by a
  mortgage loan servicer, an entity registered as a mortgage loan servicer
  under article twelve-D of this chapter or exempt from registration under
  such article. A mortgage  loan  originator  may  not  be  simultaneously
  employed or affiliated with more than one originating entity.
    2.  Disqualifying associations. The superintendent may refuse to issue
  a license pursuant to this article if he or  she  shall  find  that  the
  applicant  (a)  has been a director, partner, or substantial stockholder
  of an originating entity which has had a registration or license revoked
  by the superintendent or a regulator of  another  state  that  regulates
  such  originating  entity, or (b) has been an employee, officer or agent
  of,  or  a  consultant  to,  an  originating  entity  that  has  had   a
  registration  or license revoked by the superintendent or a regulator of
  another state that regulates such originating entity where  such  person
  shall  have  been  found  by  the superintendent or by such regulator of
  another state to bear responsibility for  the  acts  resulting  in  such
  revocation.  For  the  purposes  of  this subdivision, a person shall be
  deemed to have been convicted of a crime if such person shall have  pled
  guilty  to  a charge thereof before a court or magistrate, or shall have
  been found guilty thereof by the decision or  judgment  of  a  court  or

  magistrate   or   by   the  verdict  of  a  jury,  irrespective  of  the
  pronouncement of sentence or the suspension thereof.
    3.  Issuance  of  a  license.  The  superintendent,  after  making the
  findings required by subdivision one of  this  section  shall  thereupon
  issue  a  license  to  the  applicant  as  mortgage loan originator. The
  superintendent shall transmit  one  copy  of  such  certificate  to  the
  applicant  and  file  another  in  his or her office, and shall transmit
  notice  of  approval  of  such  application,  in  such   form   as   the
  superintendent  deems  appropriate,  to the originating entity for which
  the applicant is providing services.  Such license shall  be  deemed  to
  terminate  at  the end of the annual license period, unless such license
  is renewed in accordance with section five hundred ninety-nine-i of this
  article.