32-9-105. Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators.
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32-9-105 . Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators.
(1)The department may participate in the NMLS and shall require mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators to apply for state licensure on applications approved by the NMLS.
(2)The department may establish requirements through rulemaking as necessary to comply with the NMLS, including requirements:
(a)for payment of nonrefundable fees to apply for, maintain, and renew licenses through the NMLS;
(b)for renewal or reporting dates; and
(c)pertaining to any other activity necessary for participation in the NMLS.
(3)The department's portion of the licensing fees collected by the NMLS under this section must be deposited in the department's account in the state special revenue fund to be used for administering this part. (See part compiler's comment regarding contingent suspension.)