224.35 Nationwide multistate licensing system and registry and cooperative arrangements.

404 words·~2 min read·/wi/chapter-224/224-35

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

(1g)Definitions. In this section:

(a)“Division” means the division of banking.

(b)“Nationwide multistate licensing system and registry” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.

(c)“Reinstatement period” means the period beginning on the first day of January and ending on the last day of February of the year following the expiration of a license, or such other period prescribed by the division.

(d)“Renewal period” means the period beginning on November 1 and ending on December 31, or such other period prescribed by the division.

(e)“Unique identifier” means a number or other identifier assigned by protocols established by the nationwide multistate licensing system and registry.

(1m)Participation.

(a)The division shall participate in the nationwide multistate licensing system and registry. The division may 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 persons holding licenses identified in sub.

(1r). With respect to any form, fee, or other information related to the initial issuance, transition, or renewal of a license identified in sub.

(1r), the division may require that any applicant submit such form, fee, or other information directly to the nationwide multistate licensing system and registry and may authorize the nationwide multistate licensing system and registry to perform any function under subch. III , s. 138.09 , 138.12 , 138.14 , 218.0101 to 218.0163 , 218.02 , 218.04 , or 218.05 , or ch. 217 related to the licensing of any person with respect to a license identified in sub.

(1r).

(b)The division may require an applicant or licensee to provide, and may provide to the nationwide multistate licensing system and registry, any information relating to an applicant for initial issuance or renewal of a license identified in sub.

(1r)that the division and the nationwide multistate licensing system and registry determine to be relevant to the application or to any responsibility administered or conducted through the nationwide multistate licensing system and registry related to the licensed activity.