45-13-501 - Authority to participate in the Nationwide Mortgage Licensing System and Registry. - Tennessee Statutes

45-13-501. Authority to participate in the Nationwide Mortgage Licensing System and Registry.

(a)  In addition to any other duties imposed upon the commissioner by law, the commissioner is authorized to require mortgage lenders, mortgage loan brokers and mortgage loan servicers, and shall require all mortgage loan originators, to be licensed or registered, or both, through the Nationwide Mortgage Licensing System and Registry. In order to carry out this subsection (a), the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may:

     (1)  Promulgate whatever rules and regulations necessary for participation in, transition to or operation of the Nationwide Mortgage Licensing System and Registry;

     (2)  Establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter;

     (3)  Require that applications for licensing under this chapter, as well as renewals of such licenses, be filed with the Nationwide Mortgage Licensing System and Registry;

     (4)  Require that any fees required to be paid under this chapter be paid through the Nationwide Mortgage Licensing System and Registry; and

     (5)  Establish for licensees deadlines for transitioning to the Nationwide Mortgage Licensing System and Registry, which authority includes the refusal to accept any applications or renewal applications not filed with the Nationwide Mortgage Licensing System and Registry after the deadlines, notwithstanding any dates established elsewhere in this chapter; provided, however, that the commissioner shall provide reasonable notice of the deadlines pertaining to transitioning.

(b)  Notwithstanding any other provision of this section, the commissioner retains full authority and discretion to license persons under this chapter and to enforce this chapter to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.

(c)  Applicants for and holders of licenses issued under this chapter shall pay all costs associated with submitting an application to or transitioning a license to the Nationwide Mortgage Licensing System and Registry, as well as all costs required by the Nationwide Mortgage Licensing System and Registry for maintaining and renewing any license issued by the commissioner on the Nationwide Mortgage Licensing System and Registry.

[Acts 2009, ch. 499, § 8.]