South Carolina Code 40-58-130. Participation in Nationwide Mortgage Licensing System Registry
(1) facilitating and participating in the establishment and implementation of the Nationwide Mortgage Licensing System and Registry;
Terms Used In South Carolina Code 40-58-130
- Administrator: means the Administrator of the Department of Consumer Affairs (department) or the administrator's designees. See South Carolina Code 40-58-20
- Advertising: means a commercial message in a medium that promotes, either directly or indirectly, a mortgage loan transaction. See South Carolina Code 40-58-20
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators of licensees licensed pursuant to this chapter. See South Carolina Code 40-58-20
- Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See South Carolina Code 40-58-20
(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 § 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.