Every lender who provides a mortgage has to report any movement in bankruptcy, voluntary or involuntary, to the office, within 30 business days after the action is instituted.
The people who have committed felonies are permanently banned from licensure. Other felonies and certain misdemeanors carried out by lenders require the applicant to wait for a disqualifying period of time to lapse before re-applying for licensure.
For a person who has performed a felony of the first degree, that is a felony that involves money laundering, a felony of capital, and an embezzlement felony. In all the above cases the license gets permanently banned. This felony can also be directly associated with the business of financial services, even in this case, the license of the lenders will be permanently banned.
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