JurisdictionIllinoisTopicREGULATION
Ch. 205FINANCIAL REGULATION
Act 205 ILCS 635/Residential Mortgage License Act of 1987.
Art.Article VII - Mortgage Loan Originator License Required
This text of Illinois § 7-8 (Authority to require license) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In order to carry out this requirement the Director is authorized to participate in the Nationwide Multistate Licensing System and Registry. For this purpose, the Director may establish by agreement, order or rule requirements as necessary, including, but not limited to, the following:
(1)Background checks for:
(A)criminal history through fingerprint or other databases;
(B)civil or administrative records;
(C)credit history; or (D) any other information as deemed necessary by the Nationwide Multistate Licensing System and Registry.
(2)The payment of fees to apply for or renew
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In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In order to carry out this requirement the Director is authorized to participate in the Nationwide Multistate Licensing System and Registry. For this purpose, the Director may establish by agreement, order or rule requirements as necessary, including, but not limited to, the following: (1) Background checks for: (A) criminal history through fingerprint or other databases; (B) civil or administrative records; (C) credit history; or (D) any other information as deemed necessary by the Nationwide Multistate Licensing System and Registry. (2) The payment of fees to apply for or renew licenses through the Nationwide Multistate Licensing System and Registry; (3) The setting or resetting as necessary of renewal or reporting dates; and (4) Requirements for amending or surrendering a license or any other such activities as the Director deems necessary for participation in the Nationwide Multistate Licensing System and Registry.