§13-104. State license and registration application and issuance


Published: 2015

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§13-104. State license and registration application and issuance








1. Application form.  
An applicant for a license as a mortgage loan originator shall apply using a form
prescribed by the administrator. The form must contain content as set forth by rule,
instruction or procedure of the administrator and may be changed or updated as necessary
by the administrator in order to carry out the purposes of this Article.


[
2009, c. 362, Pt. B, §1 (NEW)
.]








2. Relationships or contracts.  
In order to fulfill the purposes of this Article, the administrator is authorized
to establish relationships or contracts with the nationwide mortgage licensing system
and registry or other entities designated by the nationwide mortgage licensing system
and registry to collect and maintain records and process transaction fees or other
fees related to licensees or other persons subject to this Article.


[
2009, c. 362, Pt. B, §1 (NEW)
.]








3. Waive or modify requirements.  
For the purpose of participating in the nationwide mortgage licensing system and registry,
the administrator is authorized to waive or modify, in whole or in part, by rule or
order, any or all of the requirements of this Article and to establish new requirements
as reasonably necessary to participate in the nationwide mortgage licensing system
and registry.


[
2009, c. 362, Pt. B, §1 (NEW)
.]








4. Background checks.  
In connection with an application for licensing as a mortgage loan originator, the
applicant shall, at a minimum, furnish to the nationwide mortgage licensing system
and registry information concerning the applicant's identity, including:





A. Fingerprints for submission to the Federal Bureau of Investigation and any governmental
agency or entity authorized to receive such information for a state, national and
international criminal history background check; and [2009, c. 362, Pt. B, §1 (NEW).]










B. Personal history and experience in a form prescribed by the nationwide mortgage licensing
system and registry, including the submission of authorization for the nationwide
mortgage licensing system and registry and the administrator to obtain:



(1) An independent credit report from a consumer reporting agency described in the
federal Fair Credit Reporting Act, Section 603(p) except that information on a credit
report may not be used as the sole basis for the denial of a mortgage loan originator
license pursuant to section 13-105; and




(2) Information related to any administrative, civil or criminal findings by any
governmental jurisdiction. [2009, c. 362, Pt. B, §1 (NEW).]








[
2009, c. 362, Pt. B, §1 (NEW)
.]








5. Agent for purposes of requesting and distributing criminal information.  
For the purposes of this section and in order to reduce the points of contact that
the administrator or the Federal Bureau of Investigation may have to maintain for
purposes of subsection 4, the administrator 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 and from any source
directed by the administrator.


[
2009, c. 362, Pt. B, §1 (NEW)
.]





SECTION HISTORY

2009, c. 362, Pt. B, §1 (NEW).

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