§19-14.10-5  State license and registration application and issuance. –


Published: 2015

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TITLE 19

Financial institutions

CHAPTER 19-14.10

An Act Adopting the Federal Secure and Fair Enforcement for Mortgage Licensing

Act of 2009

SECTION 19-14.10-5



   § 19-14.10-5  State license and

registration application and issuance. –

(a) Applicants for a license shall apply in a form as prescribed by the

director or the director's designee. Each such form shall contain content as

set forth by rule, regulation, instruction or procedure of the director or the

director's designee and may be changed or updated as necessary by the director

or the director's designee in order to carry out the purposes of this chapter.



   (b) In order to fulfill the purposes of this chapter, the

director or the director's designee 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 chapter.



   (c) 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:



   (1) 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



   (2) 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 director to obtain:



   (i) An independent credit report obtained from a consumer

reporting agency described in § 603(p) of the Fair Credit Reporting Act;

and



   (ii) Information related to any administrative, civil or

criminal findings by any governmental jurisdiction.



   (d) For the purposes of this section and in order to reduce

the points of contact which the Federal Bureau of Investigation may have to

maintain for purposes of this section the director or the director's designee

may use the nationwide mortgage licensing system and registry as a channeling

agent for requesting information from and distributing information to the U.S.

Department of Justice or any governmental agency.



   (e) For the purposes of this section and in order to reduce

the points of contact which the director or the director's designee may have to

maintain for purposes of this section the director or the director's designee

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 director or the director's designee.



History of Section.

(P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.)

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