BANKS AND BANKING
IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT
PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS
26-31-305. LICENSE AND REGISTRATION APPLICATION. (1) Applicants for a license under this part shall apply through the NMLSR in a form prescribed by the director. Each form shall include such content as the director may reasonably require, shall be updated as necessary to keep the information current and shall be accompanied by a nonrefundable application fee of two hundred dollars ($200).
(2) In order to fulfill the purposes of this part, the director may establish relationships or enter into contracts with the NMLSR or other entities designated by the NMLSR to collect and maintain records and to process fees.
(3) Applicants for licensure under this part shall submit the following to the NMLSR:
(a) Fingerprints for submission to the federal bureau of investigation, and any governmental agency or entity authorized to receive such information for a state, national and international criminal history background check; and
(b) Personal history and experience in a form prescribed by the NMLSR, including the authorization for the NMLSR and the director to obtain the following:
(i) An independent credit report obtained from a consumer reporting agency described in section 603(p) of the fair credit reporting act; and
(ii) Information related to any administrative, civil or criminal findings by any governmental jurisdiction.
(4) For the purposes of this section and in order to reduce the points of contact which the federal bureau of investigation may have to maintain for purposes of subsection (3)(a) and (b)(ii) of this section, the director may use the NMLSR as a channeling agent for requesting information from and distributing information to the department of justice or any governmental agency.
(5) For the purposes of this section and in order to reduce the points of contact which the director may have to maintain for purposes of subsection (3)(b)(i) and (ii) of this section, the director may use the NMLSR as a channeling agent for requesting and distributing information to and from any source so directed by the director.
(6) Upon written request, an applicant for a license under this part is entitled to a hearing on the question of his qualifications for a license if:
(a) The director has notified the applicant in writing that his application has been denied and the request for a hearing is made not more than fifteen (15) days after the director mailed the written notification of denial; or
(b) The director has not issued the applicant a license within sixty (60) days after a complete application for the license was filed.
If a hearing is held, the applicant shall reimburse, pro rata, the director for his reasonable and necessary expenses incurred as a result of the hearing. The director shall state, in substance, his findings that support a denial of an application.
(7) A license application shall be deemed withdrawn and void if an applicant submits an incomplete license application and, after receipt of a written notice of the application deficiency, fails to provide the director with information necessary to complete the application within sixty (60) days of receipt of the deficiency notice. A written deficiency notice shall be deemed received by a license applicant when:
(a) Placed in regular U.S. mail by the director or his agent using an address provided by the applicant on the license application; or
(b) E-mailed to the applicant using an e-mail address provided by the applicant on the license application; or
(c) Posted by the director or his agent on the NMLSR.
(8) The director may suspend action upon an application for a license pursuant to this part pending the resolution of any criminal charge before a court of competent jurisdiction against the applicant which could disqualify the applicant from licensure if the applicant is found guilty of or pleads guilty to the pending charge.
(9) The director may suspend action upon an application for a license pursuant to this part pending resolution of any civil action or administrative proceeding against an applicant that involves any aspect of a financial service business, the outcome of which could disqualify the applicant from licensure.
(10) A license applicant under this part shall make complete disclosure of all information required in the license application. A license applicant or person acting on behalf of the applicant is not liable in any civil action other than a civil action brought by a governmental agency related to an alleged untrue statement made pursuant to this section, unless it is shown that:
(a) The license applicant, or person acting on behalf of the license applicant, knew at the time that the statement was made that it was materially false; or
(b) The license applicant or person acting on behalf of the license applicant acted in reckless disregard as to the truth or falsity of the statement.
[26-31-305, added 2009, ch. 97, sec. 2, p. 299; am. 2013, ch. 64, sec. 15, p. 155.]