In addition to any other duties imposed upon the Commissioner by law, the Commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the Commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the Commissioner may establish Rules and Regulations as necessary, pursuant to the Administrative Adjudication Law, including, but not limited to:

(a) Background Checks. Background checks for:

(1) criminal history through fingerprint or other databases; (2) civil or administrative records;
(3) Credit history; or

(4) any other information as deemed necessary by the
Nationwide Mortgage Licensing System and Registry.

(b) Fees. The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;

(c) Setting Dates. The setting or resetting as necessary of renewal or reporting dates; and

(d) Other requirements for amending or surrendering a license or any other such activities as the Commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.

§ 36312. Nationwide Mortgage Licensing System and Registry
Information Challenge Process.

The Commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Commissioner.

COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES