32-10-203. License application. (1) The application for a residential mortgage lender license must be in a form prescribed by the department.
     (2) (a) The application must contain the name and complete business address or addresses of the applicant. If the applicant is other than an individual, the application must contain the names and complete business and residential addresses of each officer, director, manager, and ultimate equity owner of 10% or greater interest in the entity making the application.
     (b) The application must include a detailed description of the proposed activities of the license that the department may require by rule.
     (c) The application must also include the following:
     (i) evidence that the applicant meets the minimum surety bond requirements provided for in 32-10-303 and has provided access to supporting credit information as required by rule;
     (ii) an affirmation that the applicant and its employees, independent contractors, officers, directors, or principals are at least 18 years of age;
     (iii) a biographical statement providing information as to the character, fitness, financial and business responsibility, background, experience, and criminal convictions of any person that:
     (A) owns or controls, directly or indirectly, 10% or more of any class of stock of the entity making the application;
     (B) controls with respect to an applicant, directly or indirectly, the election of 25% or more of the members of the board of directors or if a limited liability company, the election of its manager; or
     (C) significantly influences or controls the management of the entity making the application.
     (3) The department may require that each officer, director, and ultimate equity owner of 10% or greater interest in the entity making the application file a personal financial statement, a biographical report, and a complete set of fingerprints taken by an authorized law enforcement officer or other person authorized by the state.
     (4) If the applicant is other than an individual, evidence must be submitted that the applicant is duly incorporated, registered, or otherwise formed as a general partnership, limited partnership, limited liability company, or other lawful entity under the laws of this state or another state.
     (5) An applicant shall provide all other information required by rule.
     (6) The applicant may obtain branch licenses upon compliance with this section and the applicable provisions of this chapter.

     History: En. Sec. 6, Ch. 369, L. 2007.