(a) In addition to any other duties imposed upon the Banking Board by law, the Banking Board shall require State-licensed mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the Banking Board or its designated agent may participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the Banking Board or its designated agent may establish by rules or order requirements as necessary, including but not limited to:
(1) Background checks for:
(A) Criminal history through fingerprint or other databases;
(B) Civil or administrative records;
(C) Credit history; or
(D) Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry.
(2) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;
(3) The setting or resetting as necessary of renewal or reporting dates; and
(4) Requirements for amending or surrendering a license or any other such activities as the Banking Board or its designated agent deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(b)
(1) For the purposes of implementing an orderly and efficient licensing process the Banking Board or its designated agent may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals the Banking Board or its designated agent may establish expedited review and licensing procedures.
(2) In order to fulfill the purposes of this subchapter, the Banking Board or its designated may 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 subchapter.
(3) For the purpose of participating in the Nationwide Mortgage Licensing System & Registry, the Banking Board or its designated agent may waive or modify by rule, regulation or order, any requirements of this subchapter to establish new requirements as necessary to participate in the Nationwide Mortgage Licensing System & Registry.