[THIS PAGE NOT FOR PUBLICATION IN THE CODE OF COLORADO REGULATIONS]
DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES
4 CCR 725-3

CHAPTER 8:	NATIONAL MORTGAGE LICENSING SYSTEM AND REGISTRY (“NMLS”)

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of proposed rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Board of Mortgage Loan Originators (the “Board”) to promulgate rules, or to amend, repeal or repeal and re-enact the present rules of the Board.

STATEMENT OF BASIS

The statutory basis for the rules titled Rules of the Board of Mortgage Loan Originators is Part 9 of Title 12, Article 61, Colorado Revised Statutes, as amended.  

STATEMENT OF PURPOSE

The purpose of this rule is to effectuate the legislative directive to promulgate necessary and appropriate rules in conformity with the state statutes of the mortgage loan originator licensing and mortgage company registration act.

SPECIFIC PURPOSE OF THIS RULEMAKING

The purpose of this rule is to clarify the process to dispute information entered into the National Mortgage Licensing System and Registry. 

CHAPTER 8:	NATIONAL MORTGAGE LICENSING SYSTEM AND REGISTRY (“NMLS”)
	
8.1  A mortgage loan originator may challenge information entered into the NMLS by the Division.  Such challenge must be in writing and must set forth the specific information being challenge and include supporting evidence.  The grounds for a challenge shall be limited to the factual accuracy of the information pertaining to the mortgage loan originator’s own license record.  

8.2  A challenge submitted to appeal the underlying grounds for a disciplinary action will not be considered by the Director.

8.3  The Director, or an authorized representative of the Director, will review all information submitted by the mortgage loan originator and will determine the merits of the challenge.  If the Director, or the Director’s authorized representative, determines that the information submitted to the NMLS by the Division is factually incorrect, the Division will promptly submit the correct information to the NMLS.

8.4  A mortgage loan originator may appeal the Director’s, or the Director’s authorized representative’s, decision regarding the challenge to the Board of Mortgage Loan Originators within 30 days of the decision being rendered.  The decision of the Board regarding a NMLS challenge is subject to judicial review by the court of appeals by appropriate proceedings under Section 24-4-106(11), C.R.S.