State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-244_119

§ 53‑244.119. Commissioner's participation in nationwide registry.

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

(1)        Background checksfor:

a.         Criminal history throughfingerprint or other databases;

b.         Civil oradministrative records;

c.         Credit history; or

d.         Any otherinformation as deemed necessary by the Nationwide Mortgage Licensing System andRegistry.

(2)        The payment of feesto apply for, renew, or amend licenses through the Nationwide MortgageLicensing System and Registry;

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

(4)        Requirements foramending or surrendering a license or any other activities as the Commissionerdeems necessary for participation in the Nationwide Mortgage Licensing Systemand Registry.

(b)        The Commissioner isauthorized to establish relationships or contracts with the Nationwide MortgageLicensing System and Registry or other entities designated by the NationwideMortgage Licensing System and Registry to collect and maintain records andprocess transaction fees or other fees related to licensees or other personssubject to this Article.

(c)        For the purpose ofparticipating in the Nationwide Mortgage Licensing System and Registry, theCommissioner is authorized to waive or modify, in whole or in part, any or allof the requirements of this Article and to establish new requirements asreasonably necessary to participate in the Nationwide Mortgage Licensing Systemand Registry.

(d)        The Commissioner isauthorized to enter into agreements to license the use of the proprietarysoftware owned by the Office of the Commissioner of Banks to banking, mortgage,or financial services supervisory agencies of other states.  (2009‑374, s. 2.)