Ind. Code § 23-2.5-11-2
Required actions; denial of licensure application or renewal; suspension; revocation
Redline — January 1, 2023 → current.View current text →
Current — January 1, 2025
As of January 1, 2023
Sec. 2. The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:
Sec. 2. The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:
(1) has had a: (A) loan broker license issued under this article; (B) mortgage loan originator license issued under this article; (C) principal manager license issued under this article; or (D) license that is: (i) equivalent to a license described in clause (A), (B), or (C); and (ii) issued by another jurisdiction; revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;
(1) has had a: (A) loan broker license issued under this article; (B) mortgage loan originator license issued under this article; or (C) license that is: (i) equivalent to a license described in clause (A) or (B); and (ii) issued by another jurisdiction; revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;
(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:
(A) during the seven (7) year period immediately preceding the date of the application or renewal; or
(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;
(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:
(A) during the seven (7) year period immediately preceding the date of the application or renewal; or
(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;
(3) fails to maintain the bond required by IC 23-2.5-4-12;
(3) fails to maintain the bond required by IC 23-2.5-4-12;
(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:
(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and
(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;
(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:
(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and
(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;
(5) has failed to meet the education requirements set forth in IC 23-2.5-6;
(5) has failed to meet the education requirements set forth in IC 23-2.5-6;
(6) has failed to pass the written examination required by IC 23-2.5-6; or
(6) has failed to pass the written examination required by IC 23-2.5-6; or
(7) fails to:
(A) keep or maintain records in accordance with IC 23-2.5-8; or
(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8.
(7) fails to:
(A) keep or maintain records in accordance with IC 23-2.5-8; or
(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.