Guam § 36311 - Authority to Require License.

§ 36311. Authority to Require License.

In addition to any other duties imposed upon the Commissioner by law,

the Commissioner 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 Commissioner is authorized to

participate in the Nationwide Mortgage Licensing System and Registry. For

this purpose, the Commissioner may establish Rules and Regulations as

necessary, pursuant to the Administrative Adjudication Law, including, but

not limited to:

(a) Background Checks. Background checks for:

(1) criminal history through fingerprint or other databases;

(2) civil or administrative records;

(3) Credit history; or

(4) any other information as deemed necessary by the

Nationwide Mortgage Licensing System and Registry.

(b) Fees. The payment of fees to apply for or renew licenses

through the Nationwide Mortgage Licensing System and Registry;

(c) Setting Dates. The setting or resetting as necessary of

renewal or reporting dates; and

(d) Other requirements for amending or surrendering a license or

any other such activities as the Commissioner deems necessary for

participation in the Nationwide Mortgage Licensing System and

Registry.