§ 19.146.310. Loan originator license -- Requirements for issuance -- Denial -- Validity -- Expiration -- Surrender -- Interim license
(1) The director shall issue and deliver a loan originator license if, after investigation, the director makes the following findings:
(a) The loan originator applicant has paid the required license fees;
(b) The loan originator applicant has met the requirements of RCW 19.146.300;
(c) The loan originator applicant has not had a license issued under this chapter or any similar state statute suspended or revoked within five years of the filing of the present application;
(d) The loan originator applicant has not been convicted of a gross misdemeanor involving dishonesty or financial misconduct or a felony within seven years of the filing of the present application;
(e) The loan originator applicant has passed a written examination whose content shall be established by rule of the director;
(f) The loan originator applicant has not been found to be in violation of this chapter or rules;
(g) The loan originator applicant has demonstrated character and general fitness such as to command the confidence of the community and to warrant a belief that the business will be operated honestly and fairly within the purposes of this chapter; and
(h) The loan originator licensee has completed, during the calendar year preceding a licensee's annual license renewal date, continuing education as established by rule of the director. The director shall establish standards in rule for approval of professional organizations offering continuing education to loan originators. The director may approve continuing education taken by loan originators in other states if the director is satisfied that such continuing education meets the requirements of the continuing education required by this chapter.
(2) If the director does not find the conditions of subsection (1) of this section have been met, the director shall not issue the loan originator license. The director shall notify the loan originator applicant of the denial and return to the loan originator applicant any remaining portion of the license fee that exceeds the department's actual cost to investigate the license.
(3) The director shall issue a new loan originator license under this chapter to any licensee that has a valid license and is otherwise in compliance with this chapter.
(4) A loan originator license issued under this section expires on the date one year from the date of issuance which, for license renewal purposes, is also the renewal date. The director shall establish rules regarding the loan originator license renewal process created under this chapter.
(5) A loan originator licensee may surrender a license by delivering to the director written notice of surrender, but the surrender does not affect the loan originator licensee's civil or criminal liability or any administrative actions arising from acts or omissions occurring before such surrender.
(6) To prevent undue delay in the issuance of a loan originator license and to facilitate the business of a loan originator, an interim loan originator license with a fixed date of expiration may be issued when the director determines that the loan originator has substantially fulfilled the requirements for loan originator licensing as defined by rule.
[2006 c 19 § 20.]
Sections: Previous 19.146.245 19.146.250 19.146.260 19.146.265 19.146.280 19.146.290 19.146.300 19.146.310 19.146.320 19.146.330 19.146.900 19.146.901 19.146.902 19.146.903 19.146.904 NextLast modified: April 7, 2009