32-10-208. Representations of applicant. Each application for a residential mortgage lender license must be accompanied by the following representations stating that the applicant, if granted a license:
     (1) shall maintain a staff reasonably adequate to meet the requirements of this chapter and rules adopted by the department;
     (2) shall keep and maintain for 5 years business records and any other information required by 32-10-310 or by rules of the department regarding any mortgage loan made subject to this chapter;
     (3) shall file with the department, when due, any required report;
     (4) shall post the license at the physical location listed on the license application and shall display the license number or other evidence of licensing on any advertising or internet websites or other electronic media used by the licensee;
     (5) shall disburse funds in accordance with the licensee's loan agreements and shall make a good faith effort to effect closings in a timely manner;
     (6) has not committed a crime against any law of this state, any other state, or the United States involving moral turpitude or fraudulent or dishonest dealing and that a final judgment has not been entered against the applicant in a civil action upon grounds of fraud, misrepresentation, or deceit that has not been previously reported to the department;
     (7) shall account for or deliver to any person at the time that has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to the accounting or delivery any personal property, such as money, funds, a deposit, check, or draft, a mortgage, or any other document or thing of value, that has come into the licensee's possession and that is not the licensee's property or that a licensee is not in law or equity entitled to retain under the circumstances;
     (8) has not engaged in any conduct that would be cause for denial of a license;
     (9) shall continuously maintain the surety bond required by 32-10-303;
     (10) shall advise the department in writing, signed in the same form as the license application being amended, of any material changes to the address, officers, and names of controlling shareholders submitted on the most recent application for a residential mortgage lender license within 45 days of the change;
     (11) shall comply with the provisions of this chapter and with any lawful order or rule issued or made under the provisions of this chapter;
     (12) shall submit to periodic examinations by the department as provided for in this chapter; and
     (13) shall advise the department in writing of financially material judgments entered against or bankruptcy petitions filed by the licensee within 10 days of the occurrence.

     History: En. Sec. 9, Ch. 369, L. 2007.