(a)  Applicants for a license shall apply in a form as prescribed by the director, or the director’s designee. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director, or the director’s designee, and may be changed or updated as necessary by the director, or the director’s designee, in order to carry out the purposes of this chapter.

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Terms Used In Rhode Island General Laws 19-14.10-5

  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC

(b)  In order to fulfill the purposes of this chapter, the director, or the director’s designee, 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 this chapter.

(c)  In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant’s identity, including:

(1)  Fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check; and

(2)  Personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the director to obtain:

(i)  An independent credit report obtained from a consumer reporting agency described in § 603(p) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(p); and

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

(d)  For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of this section the director, or the director’s designee, may use the Nationwide Mortgage Licensing System and Registry as a channeling agent 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 reduce the points of contact that the director, or the director’s designee, may have to maintain for purposes of this section, the director, or the director’s designee, may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the director, or the director’s designee.

History of Section.
P.L. 2009, ch. 148, § 3; P.L. 2009, ch. 160, § 3.