26-31-301. TITLE. This part 3 of the chapter may be cited as the "Idaho Secure and Fair Enforcement for Mortgage Licensing Act" or the "Idaho S.A.F.E. Mortgage Licensing Act." History: [26-31-301, added 2009, ch. 97, sec. 2, p. 296; am. 2013, ch. 64, sec. 12, p. 152.]
26-31-302. PURPOSE OF THIS PART. (1) The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon Idaho consumers, Idaho’s economy, the neighborhoods and communities of Idaho, and the housing and real estate industry. The legislature finds that accessibility to mortgage […]
26-31-303. DEFINITIONS. For purposes of this part, the following definitions shall apply: (1) "Depository institution" has the same meaning as in section 3 of the federal deposit insurance act, and includes any credit union. (2) "Expungement" means, with respect to a record of criminal conviction entered in this state, that no one, including law enforcement, […]
26-31-304. LICENSE AND REGISTRATION REQUIRED — EXEMPTIONS. (1) Unless specifically exempt under subsection (2) of this section, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this part. Each licensed mortgage loan originator […]
26-31-305. LICENSE AND REGISTRATION APPLICATION. (1) Applicants for a license under this part shall apply through the NMLSR in a form prescribed by the director. Each form shall include such content as the director may reasonably require, shall be updated as necessary to keep the information current and shall be accompanied by a nonrefundable application […]
26-31-306. ISSUANCE OF LICENSE — LICENSE NOT ASSIGNABLE OR TRANSFERABLE — INACTIVE LICENSE STATUS. (1) The director shall not issue a mortgage loan originator license under this part unless the director first makes the following findings: (a) The applicant has never had a mortgage loan originator license, or other mortgage related license, revoked in any […]
26-31-307. PRELICENSING AND RELICENSING EDUCATION OF MORTGAGE LOAN ORIGINATORS. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the prelicensing education requirement by completing at least twenty (20) hours of course instruction that has been approved by the NMLSR and administered by a provider approved by the NMLSR. Course instruction […]
26-31-308. TESTING OF MORTGAGE LOAN ORIGINATORS. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the written test requirement by passing a qualified written test developed by the NMLSR and administered by a provider approved by the NMLSR based upon reasonable standards and subject to subsection (2) of this section. […]
26-31-309. LICENSE RENEWAL AND REINSTATEMENT REQUIREMENTS. (1) The minimum standards for license renewal for mortgage loan originators licensed under this part shall include the following: (a) The mortgage loan originator continues to meet the minimum standards for license issuance pursuant to section 26-31-306, Idaho Code; (b) The mortgage loan originator has satisfied the annual continuing […]
26-31-310. CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. (1) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight (8) hours of education each year, which shall include: (a) Three (3) hours minimum of instruction on federal law and regulation; (b) Two (2) hours minimum of instruction […]
26-31-311. AUTHORITY TO REQUIRE LICENSE AND REGISTRATION. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the NMLSR. In order to carry out this requirement the director is authorized to participate in the NMLSR. For this purpose, the director […]
26-31-312. NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY INFORMATION CHALLENGE PROCESS. The director shall establish a process whereby mortgage loan originators may challenge the information entered into the NMLSR by the director. History: [26-31-312, added 2009, ch. 97, sec. 2, p. 303.]
26-31-313. ENFORCEMENT AUTHORITY, VIOLATIONS AND PENALTIES. (1) In order to ensure the effective supervision and enforcement of this part, the director may, pursuant to chapter 52, title 67, Idaho Code: (a) Deny, suspend, revoke, condition or decline to renew a license for a violation of this chapter, or rule or order issued under this chapter; […]
26-31-314. REMEDIES AVAILABLE TO THE DEPARTMENT. (1) If the director determines that a person subject to this part has engaged in or is about to engage in any act or practice constituting a violation of any provision of the truth in lending act, the real estate settlement procedures act, regulation X, regulation Z or of […]
26-31-315. CONFIDENTIALITY. In order to promote effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in section 1512, P.L. 110-289, the requirements under any federal law or chapter 1, title 74, Idaho Code, regarding the privacy or confidentiality of any information or material provided to the NMLSR, and any […]
26-31-316. INVESTIGATION AND EXAMINATION AUTHORITY. In addition to any authority allowed under this chapter, the director shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or inquiry or investigation to determine compliance with this part, the director […]
26-31-317. PROHIBITED ACTS AND PRACTICES. It is a violation of this part for a person or individual subject to this part, in connection with mortgage loan origination activity in this state, to: (1) Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) […]
26-31-318. UNLAWFUL ACTS. Any person, not exempt under the provisions of this part, who engages in mortgage loan origination activities without first obtaining a mortgage loan originator license or without first registering as a mortgage loan originator in accordance with the requirements of this part, shall be guilty of a felony. History: [26-31-318, added 2009, […]
26-31-319. NONFEDERALLY INSURED CREDIT UNIONS. Nonfederally insured credit unions which employ loan originators, as defined in P.L. 110-289, shall register such loan originators with the NMLSR by furnishing the information concerning the loan originators’ identities set forth in section 1507(a)(2), P.L. 110-289. History: [26-31-319, added 2009, ch. 97, sec. 2, p. 308.]
26-31-320. UNIQUE IDENTIFIER DISCLOSURE. The unique identifier of any person engaged in the origination of a residential mortgage loan shall be clearly displayed on all residential mortgage loan application forms, solicitations or advertisements, including business cards, websites and other forms of media, and any other document required by rule promulgated under this chapter or order […]
