Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage agents. The Commissioner may refuse to issue a license to an applicant if the Commissioner has reasonable cause to believe that the applicant or any general partner, officer or director of the applicant has, after October 1, 1999, employed or proposed to employ a person as a mortgage agent or authorized or proposed to authorize a person to be associated with a mortgage broker as a mortgage agent at a time when the applicant or the general partner, officer or director knew or, in light of all the surrounding facts and circumstances, reasonably should have known that the person:
1. Had been convicted of, or entered a plea of nolo contendere to:
(a) A felony relating to the practice of mortgage agents; or
(b) Any crime involving fraud, misrepresentation or moral turpitude; or
2. Had a financial services license or registration suspended or revoked within the immediately preceding 10 years.
Last modified: February 27, 2006