New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 2 - LICENSING
Section 3:15-2.3 - Application for licensure as a qualified individual licensee or mortgage loan originator
Universal Citation: NJ Admin Code 3:15-2.3
Current through Register Vol. 56, No. 18, September 16, 2024
(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.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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