§ 70D-3-202. Qualifications for licensure.

To qualify for a license under this chapter an individual shall comply with all of the following, the individual: (1) shall comply with 12 U.S.C. Sec. 5104 to register with and maintain a unique identifier through the nationwide database; (2) may not have had a loan originator license revoked in a governmental jurisdiction; (3) may not have been convicted of, or pled guilty or no contest to, a felony: (a) during the seven years preceding the day on which the individual files an application; or (b) at any time, if the felony involves an act of: (i) fraud; (ii) dishonesty; (iii) breach of trust; or (iv) money laundering; (4) shall demonstrate financial responsibility, character, and general fitness such as to: (a) command the confidence of the community; and (b) warrant a determination that the individual will operate as a loan originator honestly, fairly, and efficiently within the purposes of this chapter; (5) shall be covered by a surety bond posted in accordance with Section 70D-3-205; (6) shall complete the prelicensing education required by Section 70D-3-301; and (7) shall pass the written examination required by Section 70D-3-302.