Chapter DFI-Bkg 79

Chapter DFI-Bkg 79

SELLERS OF CHECKS

DFI-Bkg 79.01   Definitions.

DFI-Bkg 79.02   Nationwide Multistate Licensing System and Registry.

DFI-Bkg 79.03   Changes to information.

DFI-Bkg 79.04   License renewal and reinstatement.

DFI-Bkg 79.01 DFI-Bkg 79.01 Definitions. In this chapter:

DFI-Bkg 79.01(1) (1) “Applicant” means an applicant for a license under ch. 217, Stats.

DFI-Bkg 79.01(2) (2) “Division” means the division of banking.

DFI-Bkg 79.01(3) (3) “Licensee” means a holder of a license issued under ch. 217, Stats.

DFI-Bkg 79.01(4) (4) “Nationwide multistate licensing system and registry” or “NMLS” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.

DFI-Bkg 79.01(5) (5) “Reinstatement period” means the period beginning January 1 and ending on the last day of February, or such other period prescribed by the division.

DFI-Bkg 79.01(6) (6) “Renewal period” means the period beginning November 1 and ending December 31, or such other period prescribed by the division.

DFI-Bkg 79.01(7) (7) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.

DFI-Bkg 79.01 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 79.02 DFI-Bkg 79.02 Nationwide Multistate Licensing System and Registry.

DFI-Bkg 79.02(1) (1) Participation.

DFI-Bkg 79.02(1)(a) (a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.

DFI-Bkg 79.02(1)(b) (b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.

DFI-Bkg 79.02(1)(c) (c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.

DFI-Bkg 79.02(1)(d) (d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.

DFI-Bkg 79.02(1)(e) (e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS.

DFI-Bkg 79.02(1)(f) (f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.

DFI-Bkg 79.02(2) (2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS 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.

DFI-Bkg 79.02(3) (3) Confidential information.

DFI-Bkg 79.02(3)(a) (a) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, 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:

DFI-Bkg 79.02(3)(a)1. 1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.

DFI-Bkg 79.02(3)(a)2. 2. Subpoena or discovery, or admission into evidence, in any private civil action or administrative proceeding, unless the person to whom the information or material pertains waives any right or protection of confidentiality or privilege in the information or material.

DFI-Bkg 79.02(3)(b) (b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over activities governed by ch. 217, Stats., without losing any right or protection of confidentiality or privilege under federal or state law.

DFI-Bkg 79.02(3)(c) (c) This subsection does not prohibit the NMLS from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees.

DFI-Bkg 79.02(4) (4) 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, subject to the requirements of s. 220.06, Stats.

DFI-Bkg 79.02 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 79.03 DFI-Bkg 79.03 Changes to information. A licensee shall keep current and accurate all material information on file with the division and the NMLS. If the information changes in any material respect, the licensee shall notify the division and the NMLS of the change within 10 days after the change.

DFI-Bkg 79.03 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 79.04 DFI-Bkg 79.04 License renewal and reinstatement.

DFI-Bkg 79.04(1) (1) During the renewal period, a licensee may seek to renew a license by submitting all fees owed to the division or the NMLS, along with any additional documentation required by the division or applicable law, through the NMLS or in such other manner as directed by the division.

DFI-Bkg 79.04(2) (2) During the reinstatement period, a licensee may reinstate a license by submitting all the items in sub. (1), plus an additional non-refundable fee of $100, through the NMLS or in such other manner as directed by the division.

DFI-Bkg 79.04 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.