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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

073

:
LICENSED LENDERS











 

§

2240. Nationwide mortgage licensing system and registry

(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

utilize 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 governmental agency.

(7) In order to

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

purposes of subsection 2202(c) of this chapter the commissioner may 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 utilize the

services of a 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 utilize 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 2007, No. 178 (Adj. Sess.), § 2,

eff. May 28, 2008; amended 2009, No. 29, § 1.)