The Superintendent [Commissioner of the Department of Insurance, Securities, and Banking] is hereby authorized to promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter in accordance with subchapter I of Chapter 5 of Title 2 .
(Sept. 9, 1996, D.C. Law 11-155, § 22, 43 DCR 4213 .)
Prior Codifications
1981 Ed., § 26-1021.
Emergency Legislation
For temporary (90 day) additions, see §§ 2(m), 3 of Mortgage Lender and Broker Emergency Amendment Act of 2008 (D.C. Act 17-617, December 22, 2008, 56 DCR 189).
For temporary (90 day) additions, see §§ 2(m), 3 of Mortgage Lender and Broker Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-31, March 16, 2009, 56 DCR 2327).
Temporary Legislation
Section 2(m) of D.C. Law 17-350 added sections to read as follows:
“Sec. 22a. Confidential information.
“(a) To assist in the performance of the Commissioner’s duties under this act, the Commissioner may:
“(1) Share documents, materials, or other information, including confidential and privileged documents, materials, or information subject to this act, with other local, state, federal, and international regulatory agencies, with the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or with state, federal, and international law enforcement authorities; provided, that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;
“(2) Receive documents, materials, or information, including confidential and privileged documents, materials, or other information, from the Conference of State Bank Supervisors, SRR, NMLSR, their affiliates, or subsidiaries, or from regulatory and law enforcement officials of foreign or other domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information;
“(3) Enter into agreements with the entities set forth in paragraph (1) of this subsection governing sharing and use of information consistent with the act; or
“(4) Authorize a national criminal background check and submission of fingerprints and other identifying information, submitted through the NMLSR, and other information with, and receive criminal history record information from, the NMLSR, the Metropolitan Police Department, and the Federal Bureau of Investigation for the purposes of facilitating determinations regarding eligibility for licensure under this act.
“Sec. 22b. Nationwide Mortgage Licensing System and Registry reporting requirements.
“(a) The Commissioner shall regularly report violations of this act, as well as enforcement actions and other relevant information, to the NMLSR. The reports shall be subject to the provisions of section 22a.
“(b) Each licensee shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require.
“Sec. 22c. Nationwide Mortgage Licensing System and Registry information challenge process. ”The Commissioner shall establish a process whereby licensees may challenge information entered into the NMLSR by the Commissioner.”
Section 3 of D.C. Law 17-350 added a provision to read as follows:
“Sec. 3. Applicability.
“Except for section 2(c)(1), (g), (j), and (l), this act shall not apply until the Commissioner of the Department of Insurance, Securities, and Banking (’Commissioner’) has promulgated rules implementing this act. The mortgage loan originator requirements shall not apply until such time as the District of Columbia, through the Commissioner, has become a part of the Nationwide Mortgage Licensing System and Registry (’NMLSR’) and the NMLSR is operational to receive and process applications for licensing of District of Columbia loan originators or by December 31, 2009, whichever is later.”
Section 5(b) of D.C. Law 17-350 provided that the act shall expire after 225 days of its having taken effect.
