2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-748 - License and registration under Nationwide Mortgage Licensing System and Registry; department; powers and duties; director; duties.

45-748.
License and registration under Nationwide Mortgage 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 through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the department is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the department may establish, by adopting and promulgating rules and regulations or by order, requirements, as necessary. The requirements may include, but not be limited to:
(a) Background checks of mortgage bankers, registrants, and mortgage loan originators, including, but not limited to:
(i) Criminal history through fingerprint or other databases;
(ii) Civil or administrative records;
(iii) Credit history; or
(iv) Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;
(b) The payment of fees to apply for or renew a license through the Nationwide Mortgage Licensing System and Registry;
(c) Compliance with the prelicensure education and testing and continuing education requirements as provided in the Residential Mortgage Licensing Act;
(d) The setting or resetting, as necessary, of renewal processing or reporting dates; and
(e) Amending or surrendering a license or any other such activities as the director deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(2) In order to fulfill the purposes of the act, the department is authorized to 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 the act. The department may allow such system to collect licensing fees on behalf of the department and allow such system to collect a processing fee for the services of the system directly from each licensee or applicant for 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 Nationwide Mortgage Licensing System and Registry subject to the provisions contained in section 45-749.
(4) The director shall establish a process whereby mortgage bankers, registrants, and mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the director.
(5) The department shall ensure that the Nationwide Mortgage Licensing System and Registry adopts a privacy, data security, and security breach notification policy. The director shall make available upon written request a copy of the contract between the department and the Nationwide Mortgage Licensing System and Registry pertaining to the breach of security of the system provisions.
(6) The department shall upon written request provide the most recently available audited financial report of the Nationwide Mortgage Licensing System and Registry.
Source
Laws 2007, LB124, § 50;
R.S.Supp.,2008, § 45-723;
Laws 2009, LB328, § 33;
Laws 2010, LB892, § 17.