§ 19-14.10-5. State license and registration application and issuance.
(a) Applicants for a license shall apply in a form as prescribed by the director, or the director’s designee. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director, or the director’s designee, and may be changed or updated as necessary by the director, or the director’s designee, in order to carry out the purposes of this chapter.
(b) In order to fulfill the purposes of this chapter, the director, or the director’s designee, 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 this chapter.
(c) In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant’s identity, including:
(1) 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
(2) Personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the director to obtain:
(i) An independent credit report obtained from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(p); and
(ii) 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 this section the director, or the director’s designee, may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from and distributing information to the U.S. Department of Justice or any governmental agency.
(e) For the purposes of this section, and in order to reduce the points of contact that the director, or the director’s designee, may have to maintain for purposes of this section, the director, or the director’s designee, may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the director, or the director’s designee.
History of Section.P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Section 19-14.10-1. - Short title.
Section 19-14.10-2. - Purpose.
Section 19-14.10-3. - Definitions.
Section 19-14.10-4. - License and registration required.
Section 19-14.10-5. - State license and registration application and issuance.
Section 19-14.10-6. - Issuance of license.
Section 19-14.10-7. - Pre-licensing and re-licensing education of loan originators.
Section 19-14.10-8. - Testing of loan originators.
Section 19-14.10-9. - Standards for license renewal.
Section 19-14.10-10. - Continuing education for mortgage loan originators.
Section 19-14.10-11. - Authority to require license.
Section 19-14.10-13. - Enforcement authorities, violations and penalties.
Section 19-14.10-14. - Surety bond required.
Section 19-14.10-15. - Confidentiality.
Section 19-14.10-16. - Investigation and examination authority.
Section 19-14.10-17. - Prohibited acts and practices.
Section 19-14.10-18. - Mortgage call reports.
Section 19-14.10-19. - Report to Nationwide Mortgage Licensing System and Registry.
Section 19-14.10-20. - Reserved.