§ 45-748 — License and registration under Nationwide Mortgage Licensing System and Registry; department; powers and duties; director; duties

Nebraska § 45-748

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

Text

(1) The department shall require mortgage bankers,
registrants, and mortgage loan originators to be licensed and registered through
the Nationwide Mortgage Licensing System and Registry. In order to carry out
this requirement, the department is authorized to participate in the Nationwide
Mortgage Licensing System and Registry. For this purpose, the department may
establish, by adopting and promulgating rules and regulations or by order,
requirements, as necessary. The requirements may include, but not be limited
to:
(a) Background checks of mortgage bankers, registrants, and mortgage
loan originators, including,
but not limited to:
(i) Criminal history through fingerprint or other databases;
(ii) Civil or administrative records;
(iii) Credit history; or
(iv) Any other information as deemed necessary by the Nationwide Mortgage
Licensing System and Registry;
(b) The payment of fees to apply for or renew a license through the
Nationwide Mortgage Licensing System and Registry;
(c) Compliance with the prelicensure education and testing and continuing
education requirements as provided in the Residential Mortgage Licensing Act;
(d) The setting or resetting, as necessary, of renewal processing or
reporting dates; and
(e) Amending or surrendering a license or any other such activities
as the director deems necessary for participation in the Nationwide Mortgage
Licensing System and Registry.
(2) In order to fulfill the purposes of the act, the department 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 the act. The department may allow such system to collect licensing fees
on behalf of the department and allow such system to collect a processing
fee for the services of the system directly from each licensee or applicant
for a license.
(3) The director is required to regularly report violations of the act,
as well as enforcement actions and other relevant information, to the Nationwide
Mortgage Licensing System and Registry subject to the provisions contained
in section 45-749 .
(4) The director shall establish a process whereby mortgage bankers,
registrants, and mortgage loan originators may challenge information entered
into the Nationwide Mortgage Licensing System and Registry by the director.
(5) The department shall ensure that the Nationwide Mortgage Licensing
System and Registry adopts a privacy, data security, and security breach notification
policy. The director shall make available upon written request a copy of the
contract between the department and the Nationwide Mortgage Licensing System
and Registry pertaining to the breach of security of the system provisions.
(6) The department shall upon written request provide the most recently
available audited financial report of the Nationwide Mortgage Licensing System
and Registry.

Legislative History

Source: Laws 2007, LB124, § 50; R.S.Supp.,2008, § 45-723; Laws 2009, LB328, § 33; Laws 2010, LB892, § 17.