§2560. Nationwide licensing system

Link to law: http://legislature.vermont.gov/statutes/section/08/079/02560
Published: 2015

Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

079

:
MONEY SERVICES






Subchapter

009
:
NATIONWIDE LICENSING SYSTEM










 

§

2560. Nationwide licensing system

(a) In

furtherance of the Commissioner's duties under this chapter, the Commissioner

may participate in the Nationwide Mortgage Licensing System and Registry and

may take such action regarding participation in the licensing system as the

Commissioner deems necessary to carry out the purposes of this section,

including:

(1) Issue rules

or orders, and may establish procedures, to further participation in the

Nationwide Mortgage Licensing System and Registry.

(2) Facilitate

and participate in the establishment and implementation of the Nationwide

Mortgage Licensing System and Registry.

(3) Establish

relationships or contracts with the Nationwide Mortgage Licensing System and

Registry or other entities designated by the Nationwide Mortgage Licensing

System and Registry.

(4) Authorize

the Nationwide Mortgage Licensing System and Registry to collect and maintain

records and to collect and process any fees associated with licensure on behalf

of the Commissioner.

(5) Require persons

engaged in activities that require a license under this chapter to use the

Nationwide Mortgage Licensing System and Registry for license applications,

renewals, amendments, surrenders, and such other activities as the Commissioner

may require and to pay through the national licensing system all fees provided

for under this chapter.

(6) Authorize

the Nationwide Mortgage Licensing System and Registry to collect fingerprints

on behalf of the Commissioner in order to receive or conduct criminal history background

checks, and, in order to reduce the points of contact which the Federal Bureau

of Investigation may have to maintain for purposes of this subsection, the

Commissioner may use the Nationwide Mortgage Licensing System and Registry as a

channeling agent for requesting information from and distributing information

to the Department of Justice or any other governmental agency.

(7) In order to

reduce the points of contact which the Commissioner may have to maintain for

purposes of this chapter, use the Nationwide Mortgage Licensing System and

Registry as a channeling agent for requesting and distributing information to

and from any source so directed by the Commissioner.

(b) The

Commissioner may require persons engaged in activities that require a license

under this chapter to submit fingerprints, and the Commissioner may use the

services of the Nationwide Mortgage Licensing System and Registry to process

the fingerprints and to submit the fingerprints to the Federal Bureau of

Investigation, the Vermont State Police, or any equivalent state or federal law

enforcement agency for the purpose of conducting a criminal history background

check. The licensee or applicant shall pay the cost of such criminal history

background check, including any charges imposed by the Nationwide Mortgage

Licensing System and Registry.

(c) Persons

engaged in activities that require licensure pursuant to this chapter shall pay

all applicable charges to use the Nationwide Mortgage Licensing System and

Registry, including such processing charges as the administrator of the

Nationwide Mortgage Licensing System and Registry shall establish, in addition

to the fees required under this chapter.

(d) The

Nationwide Mortgage Licensing System and Registry is not intended to and does

not replace or affect the Commissioner's authority to grant, deny, suspend,

revoke, or refuse to renew licenses. (Added 2011, No. 78 (Adj. Sess.), § 18,

eff. April 2, 2012.)
Read Entire Law on legislature.vermont.gov