§ 19-14.10-11 - Authority to require license. - Rhode Island Statutes

SECTION 19-14.10-11

   § 19-14.10-11  Authority to requirelicense. – In addition to any other duties imposed upon the director or the director'sdesignee by law, the director or the director's designee shall require mortgageloan originators to be licensed and registered through the nationwide mortgagelicensing system and registry. In order to carry out this requirement thedirector or the director's designee is authorized to participate in thenationwide mortgage licensing system and registry. For this purpose, thedirector or the director's designee may establish by rule or regulationrequirements as necessary, including but not limited to:

   (1) Background checks for:

   (i) Criminal history through fingerprint or other databases;

   (ii) Civil or administrative records;

   (iii) Credit history; or

   (2) Any other information as deemed necessary by thenationwide mortgage licensing system and registry.

   (3) The payment of fees to apply for or renew licensesthrough the nationwide mortgage licensing system and registry;

   (4) The setting or resetting as necessary of renewal orreporting dates; and

   (5) Requirements for amending or surrendering a license orany other such activities as the director or the director's designee deemsnecessary for participation in the nationwide mortgage licensing system andregistry.