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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.)