Qualified individual licensee means an individual [licensed as
Qualified individual licensee means an individual[licensed as a residential mortgage lender or residential mortgage broker,] who is required to be licensed under this act as a condition for a person to be issued or hold a license as a business licensee, whereby the individual: (1) meets, at a minimum, the licensing criteria applicable to a mortgage loan originator; and (2) is an officer, director, partner, owner, or principal of the business licensee.