8-2710. Licensing cooperation and coordination among state regulators; Nationwide Mortgage Licensing System and Registry; participation authorized.
341 words·~2 min read·
/ne/chapter-8/8-2710A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)To establish consistent licensing between Nebraska and other states, the director is authorized to:
(a)Implement all licensing provisions of the Nebraska Money Transmitters Act in a manner that is consistent with other states that have adopted a version of the Model Money Transmission Modernization Act or multistate licensing processes; and
(b)Participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with the Nebraska Money Transmitters Act.
(2)In order to fulfill the purposes of the Nebraska Money Transmitters Act, the director 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 enable the director to:
(a)Collect and maintain records;
(b)Coordinate multistate licensing processes and supervision processes;
(c)Process fees; and
(d)Facilitate communication between Nebraska and licensees or other persons subject to the Nebraska Money Transmitters Act.
(3)The director is authorized to utilize the Nationwide Mortgage Licensing System and Registry for all aspects of licensing in accordance with the Nebraska Money Transmitters Act, including, but not limited to, license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
(4)The director is authorized to utilize the Nationwide Mortgage Licensing System and Registry forms, processes, and functionalities in accordance with the Nebraska Money Transmitters Act. In the event the Nationwide Mortgage Licensing System and Registry does not provide functionality, forms, or processes for a provision of the act, the director is authorized to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.
(5)The director is authorized to adopt and promulgate rules and regulations, or issue an order, to establish requirements for participation by applicants and licensees in the Nationwide Mortgage Licensing System and Registry upon the department's determination that each requirement is consistent with law, public interest, and the purposes of this section.