Section 7-1-1003.5. Nationwide Mortgage Licensing System and Registry

   (a) The department is authorized to:

   (1) Participate in the Nationwide Mortgage Licensing System and Registry  in order to facilitate the sharing of information and standardization of the licensing and application processes for mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means;

   (2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the Nationwide Mortgage Licensing System and Registry;

   (3) Request that the Nationwide Mortgage Licensing System and Registry  adopt an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law;

   (4) Disclose or cause to be disclosed without liability via the Nationwide Mortgage Licensing System and Registry applicant and licensee information, including, but not limited to, violations of this article and enforcement actions to facilitate regulatory oversight of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;

   (5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the Nationwide Mortgage Licensing System and Registry upon the department's determination that each new or amended requirement is consistent with both the public interest and the purposes of this article; and

   (6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the Nationwide Mortgage Licensing System and Registry.

(b) Irrespective of its participation in the Nationwide Mortgage Licensing System and Registry, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority.

Code 1981, § 7-1-1003.5, enacted by Ga. L. 2008, p. 539, § 1/HB 921; Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2010, p. 863, § 2/SB 296; Ga. L. 2011, p. 518, § 11/HB 239; Ga. L. 2012, p. 775, § 7/HB 942.