§ 40-23-125 — Loan originator application; processing

(a) Applicants for a mortgage loan originator license
shall apply in a form prescribed by the commissioner. Each
application form shall contain content as set forth by rule of
the commissioner and may be changed or updated as necessary by
the commissioner in order to carry out the purposes of this act.
(b) In order to fulfill the purposes of this act, the
commissioner may establish relationships or contracts with the
registry or other entities designated by the registry to collect
and maintain records and process transaction fees or other fees
related to licensees or other persons subject to this act.
(c) In connection with an application for licensing as a
mortgage loan originator, the applicant shall, at a minimum,
furnish to the registry information concerning the applicant's
identity, including:
(i) 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
(ii) Personal history and experience, including the
submission of authorization for the registry and the
commissioner to obtain:
(A) An independent credit report obtained from a
consumer reporting agency described in section 603(p) of the
Fair Credit Reporting Act; and
(B) 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 paragraph
(c)(i) of this section and subparagraph (c)(ii)(B) of this
section, the commissioner may use the registry as a channeling
agent for requesting information from and distributing
information to the 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 commissioner may have to
maintain for purposes of subparagraphs (c)(ii)(A) and (B) of
this section, the commissioner may use the registry as a
channeling agent for requesting and distributing information to
and from any source so directed by the commissioner.
(f) Each application submitted under subsection (a) of
this section shall be accompanied by an application fee not to
exceed three hundred dollars ($300.00), as established by rule
of the commissioner. When an application for licensure is
denied or withdrawn, the commissioner shall retain all fees paid
by the applicant.