Sec. 15-25. Student loan servicer license application and issuance.

414 words·~2 min read·/il/chapter-110/act-992/15-25

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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

(b)In order to fulfill the purposes of this Act, the Secretary is authorized to establish relationships or contracts with the Nationwide Multistate Licensing System and Registry or other entities designated by the Nationwide Multistate 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 Act.

(c)In connection with an application for licensing, the applicant may be required, at a minimum, to furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity, including:

(1)fingerprints for submission to the Federal Bureau of Investigation or 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

Multistate Licensing System and Registry, including the submission of authorization for the Nationwide Multistate Licensing System and Registry and the Secretary to obtain:

(A)an independent credit report obtained from a consumer reporting agency

described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and

(B)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 that the Federal Bureau of Investigation may have to maintain for purposes of subsection

(c)of this Section, the Secretary may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting information from and distributing information to the federal 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 Secretary may have to maintain for purposes of paragraph

(2)of subsection

(c)of this Section, the Secretary may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source as directed by the Secretary.

(f)The provisions of this Section shall not apply to a public official serving on the board of directors of a State guaranty agency.