(1) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings:

    (a) The applicant is not subject to a prohibition order issued by the commissioner under section 27 or under any of the financial licensing acts.

    (b) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that the commissioner shall not consider a revocation that is formally vacated as a revocation for purposes of this subdivision.

    (c) Subject to subsection (2), the applicant has not been convicted of, or pled guilty or no contest to, any of the following in a domestic, foreign, or military court:

    (i) Within the 10-year period preceding the date of the license application, a felony other than a felony described in subparagraph (ii).

    (ii) At any time preceding the date of the license application, any felony or misdemeanor involving fraud, dishonesty, or a breach of trust, money laundering, embezzlement, forgery, a financial transaction, or securities.

    (d) The applicant has demonstrated financial responsibility, character, and general fitness that commands the confidence of the community and warrants a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this act.

    (e) The applicant has completed the prelicensing education requirement described in section 11.

    (f) The applicant has passed a written test that meets the test requirement described in section 13.

    (g) The applicant has met the surety bond requirement described in section 29.

    (h) The applicant has a sponsor in the nationwide mortgage licensing system and registry that is approved by the commissioner.

    (2) The commissioner shall not consider a conviction for which a pardon was granted a conviction for purposes of subsection (1)(c).