TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 1.

GENERAL PROVISIONS

26-31-103.  DIRECTOR’S AUTHORITY UNDER THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. (1) The legislature has determined that a nationwide mortgage licensing system and registry for mortgage brokers, mortgage lenders and mortgage loan originators is consistent with both the public interest and the purposes of this chapter.

(2)  For the sole purpose of participating in the nationwide mortgage licensing system and registry, the director is authorized to:

(a)  Modify by rule the license renewal dates under this chapter;

(b)  Establish by rule such new requirements as are necessary for the state of Idaho to participate in the nationwide mortgage licensing system and registry upon the director’s finding that each new requirement is consistent with both the public interest and the purposes of this chapter; and

(c)  Require a background investigation of each applicant and each control person of an applicant for a mortgage broker, mortgage lender or mortgage loan originator license by means of fingerprint checks by the Idaho state police and the FBI for state and national criminal history record checks. The information obtained thereby may be used by the director to determine the applicant’s eligibility for licensing under this chapter. The fee required to perform the criminal history record check shall be borne by the license applicant. Information obtained or held by the director pursuant to this subsection shall be considered confidential personal information and shall be exempt from disclosure pursuant to section 74-106(8) and (9), Idaho Code.

History:

[26-31-103, added 2009, ch. 97, sec. 2, p. 284; am. 2013, ch. 64, sec. 2, p. 143; am. 2015, ch. 141, sec. 46, p. 415.]