§ 45-737.01 — Mortgage loan originator; licensee; duties

Nebraska § 45-737.01

• Jurisdiction: Nebraska
• Ch. 45: Interest, Loans, and Debt

Text

(1)
A licensee licensed as a mortgage loan originator shall notify the director
in writing or through the Nationwide Mortgage Licensing System and Registry
within three business days after the occurrence of any of the following:
(a) The filing of a voluntary
petition in bankruptcy by such licensee or notice of a filing of an involuntary
petition in bankruptcy against such licensee;
(b) The filing of a criminal indictment
or information against such licensee regarding (i) a misdemeanor under state
or federal law which involves dishonesty or fraud or which involves any aspect
of the mortgage banking business, depository institution business, or installment
loan company business or (ii) any felony under state or federal law;
(c) Such licensee was
convicted of, pleaded guilty to, or was found guilty after a plea of nolo
contendere to (i) a misdemeanor under state or federal law which involves
dishonesty or fraud or which involves any aspect of the mortgage banking business,
depository institution business, or installment loan company business or (ii)
any felony under state or federal law;
(d) Any other state or jurisdiction institutes license
denial, cease and desist, suspension, or revocation procedures against such
licensee;
(e)
The attorney general of any state, the Consumer Financial Protection Bureau,
or the Federal Trade Commission initiates an action to enforce consumer protection
laws against such licensee; or
(f) The Federal National Mortgage Association, Federal
Home Loan Mortgage Corporation, Federal Housing Administration, or Government
National Mortgage Association suspends or terminates such licensee's status
as an approved loan originator.
(2) A licensee licensed as a mortgage loan originator
shall update through the Nationwide Mortgage Licensing System and Registry
his or her employment history on file with the department no later than ten
business days after the submission of the required notice of the creation
or termination of an employment relationship pursuant to section 45-735 .
(3) A licensee licensed
as a mortgage loan originator shall notify the director in writing or through
the Nationwide Mortgage Licensing System and Registry within thirty days after
the occurrence of a material development other than as described in subsections
(1) and (2) of this section, including, but not limited to, any of the following:
(a) A change in such
licensee's name;
(b)
A change in such licensee's residential address;
(c) A change in such licensee's
employment address;
(d)
The filing of a tax or other governmental lien against such licensee;
(e) The entry of a monetary
judgment against such licensee; or
(f) The entry of an order against such licensee, including
orders to which such licensee consented, by any other state or federal regulator.

Legislative History

Source: Laws 2013, LB290, § 5.