Illinois § 5-2

§ 5-2.

Consistent State licensing. (a) To establish consistent licensing between this State and other states, the Secretary is authorized and encouraged to: (1) implement all licensing provisions of this Act in a manner that is consistent with other states that have adopted this Act or multistate licensing processes; and (2) participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this Act. (b) In order to fulfill the purposes of this Act, the Secretary is authorized and encouraged to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the Secretary to: (1) collect and maintain records; (2) coordinate multistate licensing processes and supervision processes; (3) process fees; and (4) facilitate communication between this State and licensees or other persons subject to this Act. (c) The Secretary is authorized and encouraged to use NMLS for all aspects of licensing in accordance with this Act, including, but not limited to, license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations. (d) The Secretary is authorized and encouraged to use NMLS forms, processes, and functionalities in accordance with this Act. If NMLS does not provide functionality, forms, or processes for a provision of this Act, the Secretary is authorized and encouraged to strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions. (e) For the purpose of participating in NMLS, the Secretary is authorized to waive or modify, in whole or in part, by rule, regulation or order, any or all of the requirements and to establish new requirements as reasonably necessary to participate in NMLS. (Source: P.A. 103-991, eff. 8-9-24.)