Guam § 36305 - Guam License and Registration Application and Issuance.

§ 36305. Guam License and Registration Application and Issuance.

(a) Application Form. Applicants for a license shall apply in a form

as prescribed by the Commissioner. Each such form shall contain content as

set forth by rule, regulation, instruction or procedure of the Commissioner

and may be changed or updated as necessary by the Commissioner in order

to carry out the purposes of this Act.

(b) Commissioner May Establish Relationships or Contracts. In order

to fulfill the purposes of this Act, the Commissioner is authorized to

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 Act.

(c) Waive or Modify Requirements. For the purpose of participating in

the Nationwide Mortgage Licensing System & Registry, the Commissioner

is authorized to waive or modify, in whole or in part, by rule, regulation or

order, any or all of the requirements of this Chapter, and to establish new

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requirements as reasonably necessary to participate in the Nationwide

Mortgage Licensing System & Registry.

(d) Background Checks. In connection with an application for

licensing as a mortgage loan originator, the applicant shall, at a minimum,

furnish to the Nationwide Mortgage Licensing System and Registry

information concerning the applicant’s identity, including:

(1) 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

(2) personal history and experience in a form prescribed by the

Nationwide Mortgage Licensing System and Registry, including the

submission of authorization for the Nationwide Mortgage Licensing

System and Registry and the Commissioner to obtain the following:

(A) an independent credit report obtained from a consumer

reporting agency described in Section 603(p) of the Fair Credit

Reporting Act; and

(B) information related to any administrative, civil or

criminal findings by any governmental jurisdiction.

(e) Agent for Purposes of Requesting and Distributing Criminal

Information. 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 (d)(1) and (2)(B) of this Section, the

Commissioner may use the Nationwide Mortgage Licensing System and

Registry as a channeling agent for requesting information from and

distributing information to the Department of Justice or any governmental

agency.

(f) Agent for Purposes of Requesting and Distributing Non-Criminal

Information. For the purposes of this Section and in order to reduce the

points of contact which the Commissioner may have to maintain for

purposes of Subsection (d)(2)(A) and (B) of this Section, the Commissioner

may use the Nationwide Mortgage Licensing System and Registry as a

channeling agent for requesting and distributing information to and from any

source so directed by the Commissioner.