HRS §454F-10
State official must license mortgage loan companies and originators
The state commissioner must require mortgage loan originators and their companies to be licensed and registered through a national system called NMLS. The commissioner can make rules about background checks, fees, renewal dates, and other licensing details. This section gives the commissioner the power to run the licensing process.
borrowersmortgage lendersstate agencies
The statute, as written — Authority to require license
In addition to any other duties imposed upon the commissioner, the commissioner shall require mortgage loan originators and mortgage loan originator companies to be licensed and registered through NMLS. The commissioner is authorized to participate in NMLS. The commissioner may establish by rule pursuant to chapter 91, requirements for mortgage loan originators and mortgage loan originator companies, including: (1) Background checks of: (A) Criminal history through fingerprint or other databases; (B) Civil or administrative records; (C) Credit history; and (D) Any other source deemed necessary by NMLS; (2) Fees to apply for or renew licenses through NMLS; (3) The setting or resetting as necessary of license renewal and reporting dates; (4) Requirements for amending or surrendering a license; and (5) Any other activity the commissioner deems necessary to participate in NMLS. [L Sp 2009, c 32, pt of §2; am L 2010, c 84, §17; am L 2013, c 168, §12; am L 2016, c 122, §13]
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