State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-748

45-748. License and registration under NationwideMortgage Licensing System and Registry; department; powers and duties; director;duties.(1) The department shall require mortgage bankers,registrants, and mortgage loan originators to be licensed and registered throughthe Nationwide Mortgage Licensing System and Registry. In order to carry outthis requirement, the department is authorized to participate in the NationwideMortgage Licensing System and Registry. For this purpose, the department mayestablish, by adopting and promulgating rules and regulations or by order,requirements, as necessary. The requirements may include, but not be limitedto:(a) Background checks of mortgage bankers, registrants, and mortgageloan originators, 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 the prelicensure education and testing and continuingeducation requirements as provided in the Residential Mortgage Licensing Act;(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 act, the department is authorizedto establish relationships or contracts with the Nationwide Mortgage LicensingSystem and Registry or other entities designated by the Nationwide MortgageLicensing System and Registry to collect and maintain records and processtransaction fees or other fees related to licensees or other persons subjectto the act. The department may allow such system to collect licensing feeson behalf of the department and allow such system to collect a processingfee for the services of the system directly from each licensee or applicantfor a license.(3) The director is required to regularly report violations of the act,as well as enforcement actions and other relevant information, to the NationwideMortgage Licensing System and Registry subject to the provisions containedin section 45-749.(4) The director shall establish a process whereby mortgage bankers,registrants, and mortgage loan originators may challenge information enteredinto the Nationwide Mortgage Licensing System and 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 2007, LB124, § 50; R.S.Supp.,2008, § 45-723; Laws 2009, LB328, § 33; Laws 2010, LB892, § 17.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-748

45-748. License and registration under NationwideMortgage Licensing System and Registry; department; powers and duties; director;duties.(1) The department shall require mortgage bankers,registrants, and mortgage loan originators to be licensed and registered throughthe Nationwide Mortgage Licensing System and Registry. In order to carry outthis requirement, the department is authorized to participate in the NationwideMortgage Licensing System and Registry. For this purpose, the department mayestablish, by adopting and promulgating rules and regulations or by order,requirements, as necessary. The requirements may include, but not be limitedto:(a) Background checks of mortgage bankers, registrants, and mortgageloan originators, 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 the prelicensure education and testing and continuingeducation requirements as provided in the Residential Mortgage Licensing Act;(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 act, the department is authorizedto establish relationships or contracts with the Nationwide Mortgage LicensingSystem and Registry or other entities designated by the Nationwide MortgageLicensing System and Registry to collect and maintain records and processtransaction fees or other fees related to licensees or other persons subjectto the act. The department may allow such system to collect licensing feeson behalf of the department and allow such system to collect a processingfee for the services of the system directly from each licensee or applicantfor a license.(3) The director is required to regularly report violations of the act,as well as enforcement actions and other relevant information, to the NationwideMortgage Licensing System and Registry subject to the provisions containedin section 45-749.(4) The director shall establish a process whereby mortgage bankers,registrants, and mortgage loan originators may challenge information enteredinto the Nationwide Mortgage Licensing System and 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 2007, LB124, § 50; R.S.Supp.,2008, § 45-723; Laws 2009, LB328, § 33; Laws 2010, LB892, § 17.

State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-748

45-748. License and registration under NationwideMortgage Licensing System and Registry; department; powers and duties; director;duties.(1) The department shall require mortgage bankers,registrants, and mortgage loan originators to be licensed and registered throughthe Nationwide Mortgage Licensing System and Registry. In order to carry outthis requirement, the department is authorized to participate in the NationwideMortgage Licensing System and Registry. For this purpose, the department mayestablish, by adopting and promulgating rules and regulations or by order,requirements, as necessary. The requirements may include, but not be limitedto:(a) Background checks of mortgage bankers, registrants, and mortgageloan originators, 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 the prelicensure education and testing and continuingeducation requirements as provided in the Residential Mortgage Licensing Act;(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 act, the department is authorizedto establish relationships or contracts with the Nationwide Mortgage LicensingSystem and Registry or other entities designated by the Nationwide MortgageLicensing System and Registry to collect and maintain records and processtransaction fees or other fees related to licensees or other persons subjectto the act. The department may allow such system to collect licensing feeson behalf of the department and allow such system to collect a processingfee for the services of the system directly from each licensee or applicantfor a license.(3) The director is required to regularly report violations of the act,as well as enforcement actions and other relevant information, to the NationwideMortgage Licensing System and Registry subject to the provisions containedin section 45-749.(4) The director shall establish a process whereby mortgage bankers,registrants, and mortgage loan originators may challenge information enteredinto the Nationwide Mortgage Licensing System and 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 2007, LB124, § 50; R.S.Supp.,2008, § 45-723; Laws 2009, LB328, § 33; Laws 2010, LB892, § 17.