§ 7-8 — Authority to require license

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.

Legislative History

(Source: P.A. 100-1153, eff. 12-19-18.)