(a) Upon receipt of a completed application for a license together with all items set forth in subsection (c) of Section 5-25-5, the department shall conduct such an investigation as it deems necessary to determine that the applicant and its officers, directors, and principals are of good character and ethical reputation and will operate honestly and fairly within the purposes of this chapter; and that the applicant demonstrates reasonable financial responsibility.
(b) The department may not license any applicant unless it is satisfied that the applicant may be expected to operate its mortgage brokerage activities in compliance with the laws of this state.
(c) The department may not issue a license if it finds that the applicant, or any person who is a director, executive officer, partner, or principal of the applicant, has been convicted of a felony or offense which involves breach of trust, fraud, or dishonesty in any jurisdiction. For the purposes of this chapter, a person shall be deemed to have been convicted if the person has pled guilty to a crime before a domestic, foreign, or military court or federal magistrate, or has been found guilty of a crime by the decision or judgment of a domestic, foreign, or military court or federal magistrate or by the verdict of a jury, irrespective of the pronouncement of sentence or the suspension of a sentence.
(d) The department may deny a license or otherwise restrict a license if it finds that the applicant, or any person who is a director, executive officer, partner, or principal of the applicant, has had a license or registration to conduct mortgage related activity denied, revoked, or suspended in any jurisdiction.
(e) Within 90 days after receipt of a completed application together with all items set forth in subsection (c) of Section 5-25-5, the department shall either grant or deny the request for license.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 25 - Mortgage Brokers Licensing Act.
Section 5-25-3 - Persons Excluded.
Section 5-25-4 - License to Transact Business as a Mortgage Broker.
Section 5-25-5 - Application for License.
Section 5-25-6 - Issuance of License.
Section 5-25-7 - Expiration and Renewal.
Section 5-25-8 - License Requirements.
Section 5-25-9 - Maintenance and Examination of Records, Etc.
Section 5-25-10 - Annual Report.
Section 5-25-11 - Principal Place of Business; Branch Office.
Section 5-25-12 - Disclosure by Licensee; Prohibited Activities.
Section 5-25-13 - Rules and Regulations.
Section 5-25-14 - Denial, Suspension, or Revocation of License.
Section 5-25-16 - Enforcement and Penalties.