AB617,,711711(c) The division may rely on the nationwide mortgage multistate licensing system and registry to establish any dates relating to application or reporting deadlines for mortgage loan originators persons holding or applying for licenses identified in sub. (1r), to establish requirements for amending or surrendering mortgage loan originator licenses identified in sub. (1r), or to establish any other requirements applicable to mortgage loan originators licensed under this subchapter persons holding licenses identified in sub. (1r) to the extent the requirements are a condition of the state’s participation in the nationwide mortgage multistate licensing system and registry.

AB617,,713713224.35 (2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with the requirements under s. 224.725 (2) (c) any requirement that an applicant provide identity information, including a social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the nationwide mortgage multistate licensing system and registry as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.

AB617,,715715224.35 (3) Challenge process. The division shall establish a process whereby mortgage loan originators persons holding licenses identified in sub. (1r) may challenge information maintained by the nationwide mortgage multistate licensing system and registry on behalf of the division.

AB617,162716Section 162. 224.728 (4) of the statutes is renumbered 224.35 (4), and 224.35 (4) (a) (intro.), (b) and (c), as renumbered, are amended to read:

AB617,,717717224.35 (4) (a) (intro.) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the nationwide mortgage multistate licensing system and registry, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the nationwide mortgage multistate licensing system and registry, except to the extent federal or state law expressly provides otherwise and except as provided in par. (c). Confidential or privileged information or material under this paragraph is not subject to any of the following:

AB617,,718718(b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over mortgage lending activities to which licenses identified in sub. (1r) apply without losing any right or protection of confidentiality or privilege under federal or state law.

AB617,,719719(c) This subsection does not prohibit the nationwide mortgage multistate licensing system and registry from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators persons holding licenses identified in sub. (1r).

AB617,,721721224.35 (5) Cooperative arrangements. The division may enter into cooperative, coordinating, or information-sharing arrangements or agreements with other governmental agencies or with associations representing other governmental agencies, including the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.

AB617,,723723224.74 (1) (a) Mortgage call report. Each mortgage banker, mortgage broker, and mortgage loan originator licensed under this subchapter, and each registered entity, shall submit to the nationwide mortgage multistate licensing system and registry reports of condition, which shall be in such form and contain such information as the nationwide mortgage multistate licensing system and registry may require.

AB617,,725725224.74 (2) (b) The division shall prepare a report for each investigation or examination conducted under this subsection. These reports, and correspondence regarding these reports, are confidential, except that the division may release these reports and correspondence in connection with a disciplinary proceeding conducted by the division, a liquidation proceeding, or a criminal investigation or proceeding. In addition, any information from these reports or correspondence may be provided to the nationwide mortgage multistate licensing system and registry and is not confidential to the extent specified in s. 224.728 224.35 (4) (b) and (c).

AB617,,727727224.755 (3) (a) No education course may count toward the requirement under sub. (1) or (2) unless the course has been reviewed and approved by the nationwide mortgage multistate licensing system and registry based upon reasonable standards, including review and approval of the course provider.

AB617,,728728(c) Subject to any rule promulgated under s. 224.72 (7) (bm) or 224.725 (5) (b), if If an individual was previously registered as a loan originator under s. 224.72, 2007 stats., or previously licensed as a mortgage loan originator under s. 224.725, the division may not issue or renew a mortgage loan originator license for the individual under s. 224.725 unless the individual satisfies the requirements under sub. (1) or (2) or demonstrates to the division’s satisfaction that the individual has completed all education requirements applicable to the individual in the last year in which the individual’s license or registration was valid.

AB617,,729729(d) Except as provided in any rule promulgated under s. 224.72 (7) (bm) Unless expressly authorized by the division, a licensed mortgage loan originator may receive credit for a continuing education course only in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the requirements under sub. (2).

AB617,,731731224.755 (4) (b) 1. No test may satisfy the requirement under par. (a) unless the test is developed by the nationwide mortgage multistate licensing system and registry and administered by a test provider approved by the nationwide mortgage multistate licensing system and registry based upon reasonable standards.

AB617,,733733224.77 (1) (a) Make a material misstatement, or knowingly omit a material fact, in a license application or in other information or reports furnished to the division, to the nationwide mortgage multistate licensing system and registry, or to any other governmental agency, including failing to disclose a criminal conviction or any disciplinary action taken by a state or federal regulatory agency.

AB617,,735735224.77 (9) Reporting violations. The division shall report regularly violations of this subchapter or of rules promulgated under this subchapter, as well as enforcement actions and other relevant information, to the nationwide mortgage multistate licensing system and registry. Except as provided in s. 224.728 224.35 (4) (b) and (c), these reports shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).

AB617,,737737321.60 (1) (a) 12. A license or certificate of registration issued by the department of financial institutions, or a division of it, under ss. 138.09, 138.12, 138.14, 202.13, 202.14, 217.06 217.05, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.725, or 224.93 or subch. IV of ch. 551.

AB617,,739739422.202 (3) (c) A merchant may not, in the same transaction, be subject to the penalty in s. 138.09 (9) (b), 218.0161 (1), or 425.305 and the penalty in s. 425.304, based on the assessment of the same additional charges.