South Carolina Code of Laws
Chapter 58 - Licensing Of Mortgage Brokers Act
Section 40-58-130. Participation in Nationwide Mortgage Licensing System Registry.

(A) The administrator may participate in the Nationwide Mortgage Licensing System and Registry and may take all actions necessary and appropriate to that end including, but not limited to, the following:
(1) facilitating and participating in the establishment and implementation of the Nationwide Mortgage Licensing System and Registry;
(2) entering into agreements and contracts including cooperative, coordinating, and information sharing agreements;
(3) contracting with third parties to process, maintain, and store information collected by the Nationwide Mortgage Licensing System and Registry;
(4) authorizing the Nationwide Mortgage Licensing System and Registry to collect fingerprints on the administrator's behalf in order to receive national criminal history background record checks from the FBI to retain for certification purposes and for notification of the administrator regarding subsequent criminal charges which may be reported to the FBI in accordance with Section 40-58-50;
(5) authorizing the Nationwide Mortgage Licensing System and Registry to collect credit reports on the administrator's behalf for all licensees;
(6) requiring persons that must be licensed by this chapter to utilize the Nationwide Mortgage Licensing System and Registry;
(7) requiring all applicants and licensees to pay all applicable funds provided for in this chapter through the Nationwide Mortgage Licensing System and Registry;
(8) providing information to and receiving information from the Nationwide Mortgage Licensing System and Registry;
(9) authorizing a third party to collect funds associated with licensure on behalf of the administrator; and
(10) authorizing the Nationwide Mortgage Licensing System and Registry to collect and disburse consumer complaints.
(B) Persons required to be licensed pursuant to this chapter shall pay all applicable fees to utilize the Nationwide Mortgage Licensing System and Registry and consent to utilizing the Nationwide Mortgage Licensing System and Registry to obtain fingerprint-based criminal history background record checks and credit reports.
(C) The administrator shall provide licensees with written notice sent to the address of record on file with the administrator through the United States Postal Service the date the Nationwide Mortgage Licensing System and Registry will be available for their use. Licensees have one hundred and twenty days from the date the system is available for use to enter all their licensing information into the Nationwide Mortgage Licensing System and Registry. All filings required by the administrator pursuant to this chapter after the date the system is available for use must be made through the Nationwide Mortgage Licensing System and Registry.
(D) All licensees licensed through the Nationwide Mortgage Licensing System and Registry must use the unique identifier assigned in all advertising and on all mortgage loan documents.
(E) Notwithstanding another provision of law, the Nationwide Mortgage Licensing System and Registry is not intended to and does not replace or affect the administrator's authority to grant, suspend, revoke, or deny a license required pursuant to this chapter.
HISTORY: 2009 Act No. 67, Section 5; 2017 Act No. 93 (S.366), Section 16, eff September 16, 2017.
Effect of Amendment
2017 Act No. 93, Section 16, amended (A)(4), deleting references to SLED.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 40 - Professions and Occupations

Chapter 58 - Licensing Of Mortgage Brokers Act

Section 40-58-10. Citation of chapter; mortgage loan broker requirements.

Section 40-58-20. Definitions.

Section 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions.

Section 40-58-40. Surety bonds; determination of amount; uses.

Section 40-58-50. Application for licensure; applicant work experience and education requirements; exceptions; license required for qualified loan originator.

Section 40-58-55. (Reserved).

Section 40-58-60. Issuance of license; contents and posting; issuance as indication of approval of contracts by State or state agency; correction of errors; advertising.

Section 40-58-65. Maintenance, availability, and examination of records; mortgage loan logs; official place of business; notice to close branch office or to cease business in State.

Section 40-58-67. Continuing professional education requirements.

Section 40-58-70. Prohibited activities.

Section 40-58-75. Mortgage broker fee agreements disclosing charges.

Section 40-58-78. Mortgage broker fee agreement requirements; penalty for violations; unintentional violations.

Section 40-58-80. Denial, suspension, revocation, or nonrenewal of license; grounds; administrative penalty; cease and desist orders; investigation or examination of loans; notification of national registry.

Section 40-58-90. Request for contested case hearing before Administrative Law Court.

Section 40-58-100. Authority to promulgate regulations.

Section 40-58-110. License application and renewal fees; term of license; late renewals.

Section 40-58-120. Maintenance of records; composite annual report; confidentiality.

Section 40-58-130. Participation in Nationwide Mortgage Licensing System Registry.