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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3106 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3106

 To authorize States to exempt certain nonprofit housing organizations 
from the licensing requirements of the S.A.F.E. Mortgage Licensing Act 
                                of 2008.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 11, 2010

 Mrs. Hagan (for herself, Mr. Burr, Mr. Isakson, Mr. Merkley, and Mr. 
  Chambliss) introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
 To authorize States to exempt certain nonprofit housing organizations 
from the licensing requirements of the S.A.F.E. Mortgage Licensing Act 
                                of 2008.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Nonprofit Mortgage Licensing 
Clarification Act of 2010''.

SEC. 2. EXEMPTION OF NONPROFIT HOUSING ORGANIZATIONS.

    Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5103) is amended--
            (1) in subsection (a), by inserting before the first comma 
        the following: ``and to subsection (c)''; and
            (2) by adding at the end the following new subsection:
    ``(c) Authority for States To Exempt Nonprofit Housing 
Organizations.--A State may, by State law, exempt from the requirement 
under subsection (a)(1) (relating to registration or licensing) 
organizations that are exempt from taxation pursuant to section 
501(c)(3) of the Internal Revenue Code of 1986, and any employees and 
agents of such organizations acting as loan originators for such 
organizations, but only to the extent that such an organization--
            ``(1) engages in the business of a loan originator for the 
        purpose of promoting or facilitating homeownership for poor or 
        low-income, disabled, or other disadvantaged persons or 
        families, and in originating such loans offers loans--
                    ``(A) at interest rates that are lower than the 
                bank prime loan rate, as determined under the Federal 
                Reserve Statistical Release of selected interest rates 
                (commonly referred to as the H.15) by the Board of 
                Governors of the Federal Reserve System, for the last 
                day of the most recent weekly release of such rates; or
                    ``(B) that are, after adjusting for inflation, no-
                interest loans or loans with interest rates 
                significantly below the interest rates for loans for 
                purchase of single-family housing generally available 
                in the market; and
            ``(2) does not otherwise engage in the business of a loan 
        originator or mortgage broker.''.
                                 <all>
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