N.J. Admin. Code § 3:15-2.3 - Application for licensure as a qualified individual licensee or mortgage loan originator

(a) An individual applying for a qualified individual license pursuant to the Act shall comply with the following conditions and provide the following submissions, as applicable:

1. A criminal history record background check in connection with an application, based upon information provided to and received from the Division of State Police, and provided to and received from or through the NMLSR, which does not contain any disqualifying information. The background check shall include a State criminal history record background check based upon an exchange of fingerprint data with the State Bureau of Identification in the Division of State Police, for which the Division shall promptly notify the Commissioner if the subject of the original criminal history record background check is arrested for a crime or offense in this State after the date the background check was performed, and a check of both criminal and non-criminal information as requested from and distributed to the Federal Bureau of Investigation and any other governmental agency through the NMLSR as follows:

i. Fingerprints, for submission to the FBI and any other governmental agency authorized to receive this information for a state, Federal, and international criminal history record background check, to determine whether the individual has been convicted of, or plead guilty or nolo contendere to, a felony in a domestic court, which in this State includes any crime of the fourth degree or higher punishable by a term of imprisonment of more than one year, or in a foreign or military court:

(1) During the seven-year period preceding the filing of the application, except that a conviction under this sub-subparagraph which is pardoned shall not be considered disqualifying information; or

(2) At any time preceding the filing of the application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering, except that a conviction under this sub-subparagraph which is pardoned shall not be considered disqualifying information; and

ii. Personal history and experience, collected in a form prescribed by the NMLSR, and with the permission of the applicant, in order for that nationwide system and registry and the Commissioner to obtain:

(1) An independent credit report from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act, Pub. L. 91-508 (15 U.S.C. § 1681a(p)), for use in making a determination of character and fitness pursuant to (a)2 below; and

(2) Information related to any administrative, civil or criminal findings by any governmental jurisdiction, to determine whether the individual had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent, formal vacation of a revocation shall not be considered disqualifying information;

2. Evidence of good character and fitness whereby the applicant has demonstrated financial responsibility, character and general fitness to command the confidence of the community that the applicant will operate honestly, fairly and efficiently. Evidence that the applicant is not financially responsible includes disregard in the management of his or her own financial condition, which may include, but not be limited to:

i. Current outstanding judgments, except judgments solely as a result of medical expenses;

ii. Current outstanding tax liens or other government liens and filings;

iii. Foreclosures during the three-year period preceding the filing of the application; or

iv. A pattern of seriously delinquent accounts during the three-year period preceding the filing of the application;

3. Evidence of completion of pre-licensing education, passage of the written Federal and State law tests, and continuing education requirements, as applicable; and

4. Payment of required fees to the Commissioner and/or NMLSR, as set forth in this chapter or by the NMLSR, including non-refundable application fees.

Notes

N.J. Admin. Code § 3:15-2.3

New Rule, R.2010 d.129, effective 6/21/2010 (operative July 31, 2010).
See: 41 N.J.R. 2829(a), 42 N.J.R. 1139(b).
Former N.J.A.C. 3:15-2.3, Branch offices; branch licensing requirement; initial branch licensing application, recodified to N.J.A.C. 3:15-2.4.