Form and contents of application.

An application shall be filed on a form prescribed by the Commissioner. Solely for purposes of and as needed for participating in the NMLS, the Commissioner is authorized to waive or modify by rule any requirements for applications, fees, or renewals in Chapter 1A, 3, 9, 10, or 11 of the Banking Code and to establish by rule new regulatory requirements as are reasonably necessary to participate in the NMLS.