State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-1033_01

45-1033.01. License and registration underNationwide Mortgage Licensing System and Registry; department; powers andduties; director; duties.(1) The department shall requirelicensees to be licensed and registered through the Nationwide Mortgage LicensingSystem and Registry. In order to carry out this requirement, the departmentis authorized to participate in the Nationwide Mortgage Licensing System andRegistry. For this purpose, the department may establish, by adopting andpromulgating rules and regulations or by order, requirements as necessary.The requirements may include, but not be limited to:(a) Background checks of applicants and licensees, including,but not limited to:(i) Criminal history through fingerprint or other data bases;(ii) Civil or administrative records;(iii) Credit history; or(iv) Any other information as deemed necessary by the Nationwide MortgageLicensing System and Registry;(b) The payment of fees to apply for or renew a license through theNationwide Mortgage Licensing System and Registry;(c) Compliance with prelicensure education and testing and continuingeducation;(d) The setting or resetting, as necessary, of renewal processing orreporting dates; and(e) Amending or surrendering a license or any other such activitiesas the director deems necessary for participation in the Nationwide MortgageLicensing System and Registry.(2) In order to fulfill the purposes of the Nebraska Installment LoanAct, the department is authorized to establish relationships or contractswith the Nationwide Mortgage Licensing System and Registry or other entitiesdesignated by the Nationwide Mortgage Licensing System and Registry to collectand maintain records and process transaction fees or other fees related tolicensees or other persons subject to the act. The department may allow suchsystem to collect licensing fees on behalf of the department and allow suchsystem to collect a processing fee for the services of the system directlyfrom each licensee or applicant for a license.(3) The director is required to regularly report violations of the actpertaining to residential mortgage loans, as defined in section 45-702, aswell as enforcement actions and other relevant information, to the NationwideMortgage Licensing System and Registry subject to the provisions containedin section 45-1033.02.(4) The director shall establish a process whereby applicants and licensees maychallenge information entered into the Nationwide Mortgage Licensing Systemand Registry by the director.(5) The department shall ensure that the Nationwide Mortgage LicensingSystem and Registry adopts a privacy, data security, and security breach notificationpolicy. The director shall make available upon written request a copy of thecontract between the department and the Nationwide Mortgage Licensing Systemand Registry pertaining to the breach of security of the system provisions.(6) The department shall upon written request provide the most recentlyavailable audited financial report of the Nationwide Mortgage Licensing Systemand Registry. SourceLaws 2009, LB328, § 50; Laws 2010, LB892, § 22.