(205 ILCS 635/7-3)
    Sec. 7-3. Issuance of license. The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings:
    (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.
    (2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
        (A) during the 7-year period preceding the date of the application for licensing and
    
registration; or
        (B) at any time preceding such date of application, if such felony involved an act of
    
fraud, dishonesty, or a breach of trust, or money laundering;
provided that any pardon of a conviction shall not be a conviction for purposes of this item (2).
    (3) The applicant has demonstrated financial responsibility, character, and general fitness so as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this Act. For purposes of this item (3) a person has shown that he or she is not financially responsible when he or she has shown a disregard for the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but is not limited to, consideration of:
        (A) current outstanding judgments, except judgments solely as a result of medical
    
expenses;
        (B) current outstanding tax liens or other government liens and filings, educational
    
loan defaults, and non-payment of child support;
        (C) foreclosures within the past 3 years;
        (D) a pattern of seriously delinquent accounts within the past 3 years; and
        (E) an independent credit report obtained under Section 7-2(c)(2) of the Act; provided
    
that, a credit score may not be the sole basis for determining that an individual has not shown financial responsibility; provided further that, the credit report may be the sole basis for determining that an individual has not shown financial responsibility.
    (4) The applicant has completed the pre-licensing education requirement described in Section 7-4 of this Act.
    (5) The applicant has passed a written test that meets the test requirement described in Section 7-5 of this Act.
    (6) The applicant has met the surety bond requirement as required pursuant to Section 7-12 of this Act.
(Source: P.A. 96-112, eff. 7-31-09.)