§ 19-14.10-5 - State license and registration application and issuance. - Rhode Island Statutes

SECTION 19-14.10-5

   § 19-14.10-5  State license andregistration application and issuance. – (a) Applicants for a license shall apply in a form as prescribed by thedirector or the director's designee. Each such form shall contain content asset forth by rule, regulation, instruction or procedure of the director or thedirector's designee and may be changed or updated as necessary by the directoror the director's designee in order to carry out the purposes of this chapter.

   (b) In order to fulfill the purposes of this chapter, thedirector or the director's designee is authorized to establish relationships orcontracts with the nationwide mortgage licensing system and registry or otherentities designated by the nationwide mortgage licensing system and registry tocollect and maintain records and process transaction fees or other fees relatedto licensees or other persons subject to this chapter.

   (c) In connection with an application for licensing as amortgage loan originator, the applicant shall, at a minimum, furnish to thenationwide mortgage licensing system and registry information concerning theapplicant's identity, including:

   (1) Fingerprints for submission to the Federal Bureau ofInvestigation, and any governmental agency or entity authorized to receive suchinformation for a state, national and international criminal history backgroundcheck; and

   (2) Personal history and experience in a form prescribed bythe nationwide mortgage licensing system and registry, including the submissionof authorization for the nationwide mortgage licensing system and registry andthe director to obtain:

   (i) An independent credit report obtained from a consumerreporting agency described in § 603(p) of the Fair Credit Reporting Act;and

   (ii) Information related to any administrative, civil orcriminal findings by any governmental jurisdiction.

   (d) For the purposes of this section and in order to reducethe points of contact which the Federal Bureau of Investigation may have tomaintain for purposes of this section the director or the director's designeemay use the nationwide mortgage licensing system and registry as a channelingagent for requesting information from and distributing information to the U.S.Department of Justice or any governmental agency.

   (e) For the purposes of this section and in order to reducethe points of contact which the director or the director's designee may have tomaintain for purposes of this section the director or the director's designeemay use the nationwide mortgage licensing system and registry as a channelingagent for requesting and distributing information to and from any source sodirected by the director or the director's designee.