Section 5-25-5

Application for license.

(a) An application for a license under this chapter shall be made in writing, under oath, and in the form as the department may prescribe.

(b) The application shall include all of the following:

(1) The legal name, residence, business address, and telephone number of the applicant and, if the applicant is a partnership, association, corporation, or other group of individuals, however organized, the legal name, residence, and business address of every principal, together with the resume of the applicant and of every principal of the applicant.

(2) The name under which the applicant will conduct business in the state.

(3) The complete address of the applicant's initial registered office and any other locations at which the applicant will engage in any business activity covered by this chapter.

(4) The general plan and character of the business.

(5) Any other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, principals, trustees, officers, members, or agents.

(6) Evidence of the satisfactory completion of at least 12 hours of approved continuing education in primary and subordinated financing transactions by the officers and principals who are or will be actively engaged in the daily operation of a mortgage company in the State of Alabama. For purposes of this subsection, approved courses shall be those as approved by the Alabama Mortgage Bankers Association, the Education Committee of the National Association of Mortgage Brokers, the National Minority Mortgage Bankers Association Incorporated, Alabama Bankers Association, or the Alabama Mortgage Brokers Association who shall submit to the department a listing of approved schools, courses, programs, and special training sessions.

(c) The applications shall be filed together with the following:

(1) An investigation fee of one hundred dollars ($100) and an initial license fee of five hundred dollars ($500).

(2) A financial statement of the applicant, prepared within 90 days of the filing of the application and covering the most recent fiscal year preceding the date of application, which demonstrates that the applicant has a bona fide and verifiable tangible net worth capital of twenty-five thousand dollars ($25,000). A consolidated Securities and Exchange Commission Annual Report Form 10-K shall meet the requirements of this chapter for the licensee if it shows a net worth or stockholder's equity of the licensee in an amount of at least twenty-five thousand dollars ($25,000).

(3) Three letters of reference concerning the applicant's good name and reputation in the community.

(4) Three letters of reference from individuals or companies in the lending industry concerning the applicant's experience and expertise.

(Act 2001-692, p. 1439, §5; Act 2002-526, §1.)