LawServer - Laws, Legal Information & Lawyers

North Carolina General Statutes 53-244.119 - Commissioner's participation in nationwide registry

North Carolina General Statutes > Chapter 53 > Article 19B > § 53-244.119 - Commissioner's participation in nationwide registry

^{Current as of: 2010}

^{Check for updates}

(a) The Commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the Commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the Commissioner may establish by rule any requirements as necessary, including:

(1) Background checks for:

a. Criminal history through fingerprint or other databases;

b. Civil or administrative records;

c. Credit history; or

d. Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry.

(2) The payment of fees to apply for, renew, or amend licenses through the Nationwide Mortgage Licensing System and Registry;

(3) The setting or resetting as necessary of renewal or reporting dates; and

(4) Requirements for amending or surrendering a license or any other activities as the Commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.

(b) The Commissioner 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 Article.

(c) For the purpose of participating in the Nationwide Mortgage Licensing System and Registry, the Commissioner is authorized to waive or modify, in whole or in part, any or all of the requirements of this Article and to establish new requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and Registry.

(d) The Commissioner is authorized to enter into agreements to license the use of the proprietary software owned by the Office of the Commissioner of Banks to banking, mortgage, or financial services supervisory agencies of other states.

(e) The Commissioner may require a licensee to pay, through the National Mortgage Licensing System, a reasonable administrative processing fee, not to exceed seventy-five dollars ($75.00), for each of the following licensing status changes:

(1) A change in the name of the licensee.

(2) A change in the address of the licensee's principal office.

(3) For mortgage loan originators, a change in the licensee's sponsors.

(4) For mortgage lenders, mortgage brokers, and mortgage servicers, a change in the control of the licensee.

(5) A change in the identity of the branch manager of any branch of the licensee.

(6) A change in the identity of the licensee's qualified individual. (2009-374, s. 2; 2010-168, s. 6.)

________________________________________________________________________

LawServer - Laws, Legal Information & Lawyers

North Carolina General Statutes 53-244.119 - Commissioner's participation in nationwide registry

North Carolina General Statutes > Chapter 53 > Article 19B > § 53-244.119 - Commissioner's participation in nationwide registry

Questions & Answers: Mortgage Lending

North Carolina Laws: Mortgage Lending

U.S. Code Provisions: Mortgage Lending

Federal Regulations: Mortgage Lending