(205 ILCS 635/7-8)
Sec. 7-8. Authority to require license. In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the Director is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the Director may establish by agreement, order or rule requirements as necessary, including, but not limited to, the following:
(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 Director deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(Source: P.A. 96-112, eff. 7-31-09.)
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Last modified: February 18, 2015