2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 22 - Mortgage Lending › Section 37-22-270. Participation in Nationwide Mortgage Licensing System and Registry.

(A) The commissioner may participate in a Nationwide Mortgage Licensing System and Registry and may:
(1) facilitate and participate in the establishment and implementation of the Nationwide Mortgage Licensing System and Registry;
(2) enter into agreements and contracts including cooperative, coordinating, and information sharing agreements;
(3) contract with third parties to process, maintain and store information collected by the Nationwide Mortgage Licensing System and Registry;
(4) authorize the Nationwide Mortgage Licensing System and Registry to collect fingerprints on the commissioner's behalf in order to receive national criminal history background record checks from the FBI to retain for certification purposes and for notification of the commissioner regarding subsequent criminal charges which may be reported to the FBI in accordance with Sections 37-22-140 and 37-22-240;
(5) authorize the Nationwide Mortgage Licensing System and Registry to collect credit reports on the commissioner's behalf for all licensees in accordance with Section 37-22-140;
(6) require persons that must be licensed by this chapter to utilize the Nationwide Mortgage Licensing System and Registry;
(7) require all applicants and licensees to pay all applicable funds provided for in this chapter through the Nationwide Mortgage Licensing System and Registry;
(8) provide information to and receive information from the Nationwide Mortgage Licensing System and Registry;
(9) authorize a third party to collect funds associated with licensure on behalf of the commissioner; and
(10) authorize the Nationwide Mortgage Licensing System and Registry to collect and disburse consumer complaints.
(B) Persons required to be licensed pursuant to this chapter must be required to pay all applicable fees to utilize the Nationwide Mortgage Licensing System and Registry and consent to utilizing the Nationwide Mortgage Licensing System and Registry to obtain fingerprint-based criminal history background record checks and credit reports.
(C) The commissioner shall provide licensees with written notice sent to the address of record on file with the commissioner through the United States Postal Service the date the Nationwide Mortgage Licensing System and Registry will be available for their use. Licensees shall have one hundred and twenty days from the date the system is available for use to enter all their licensing information into the Nationwide Mortgage Licensing System and Registry. All filings required by the commissioner pursuant to this chapter after the date the system is available for use must be made through the Nationwide Mortgage Licensing System and Registry, except for exempt persons.
(D) All licensees licensed through the Nationwide Mortgage Licensing System and Registry must use the unique identifier assigned in all advertising and on all mortgage loan documents.
(E) Notwithstanding another provision of law to the contrary, the Nationwide Mortgage Licensing System and Registry is not intended to and does not replace or affect the commissioner's authority to grant, suspend, revoke, or deny a license required pursuant to this chapter.
(F) The commissioner shall develop a plan that ensures an orderly transition to the Nationwide Mortgage Licensing System and Registry. This transition plan must address issues of prelicensing education, written examinations, credit reports, and national and state fingerprint-based criminal histories and record checks.
HISTORY: 2009 Act No. 67, Section 2, eff January 1, 2010; 2017 Act No. 93 (S.366), Section 8, eff September 16, 2017.
Effect of Amendment
2017 Act No. 93, Section 8, amended (A)(4), deleting references to SLED.