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‘‘(2) Any individual who is deemed to have tem-
porary authority to act as a loan originator in an ap-
plication State pursuant to this section and who en-
gages in residential mortgage loan origination activi-
ties shall be subject to the requirements of this title 
and to applicable State law to the same extent as if 
such individual was a State-licensed loan originator 
licensed by the application State. 
‘‘(d) DEFINITIONS.—In this section, the following 
definitions shall apply: 
‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— 
The term ‘State-licensed mortgage company’ means 
an entity licensed or registered under the law of any 
State to engage in residential mortgage loan origina-
tion and processing activities. 
‘‘(2) APPLICATION STATE.—The term ‘applica-
tion State’ means a State in which a registered loan 
originator or a State-licensed loan originator seeks 
to be licensed.’’. 
(b) TABLE OF CONTENTS AMENDMENT.—The table 
of contents in section 1(b) of the Housing and Economic 
Recovery Act of 2008 (42 U.S.C. 4501 note) is amended 
by inserting after the item relating to section 1517 the 
following: 
‘‘Sec. 1518. Employment transition of loan originators.’’. 
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(c) AMENDMENT TO CIVIL LIABILITY OF THE BU-
REAU
AND OTHER OFFICIALS.—Section 1513 of the 
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 
5112) is amended by striking ‘‘are loan originators or are 
applying for licensing or registration as loan originators’’ 
and inserting ‘‘are applying for licensing or registration 
using the Nationwide Mortgage Licensing System and 
Registry’’. 
(d) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect on the date 
that is 18 months after the date of the enactment of this 
Act. 
SEC. 922. SMALL BUSINESS LOAN DATA COLLECTION RE-
QUIREMENT. 
(a) REPEAL.—Section 704B of the Equal Credit Op-
portunity Act (15 U.S.C. 1691c–2) is repealed. 
(b) CONFORMING AMENDMENTS.—Section 701(b) of 
the Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is 
amended— 
(1) in paragraph (3), by inserting ‘‘or’’ at the 
end; 
(2) in paragraph (4), by striking ‘‘; or’’ and in-
serting a period; and 
(3) by striking paragraph (5). 
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(c) CLERICAL AMENDMENT.—The table of sections 
for title VII of the Consumer Credit Protection Act is 
amended by striking the item relating to section 704B. 
SEC. 923. DEPOSITORY INSTITUTIONS SUBJECT TO MAINTE-
NANCE OF RECORDS AND DISCLOSURE RE-
QUIREMENTS. 
(a) IN GENERAL.—Section 304 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2803) is amend-
ed— 
(1) by redesignating subsection (i) as paragraph 
(2) and adjusting the margin appropriately; and 
(2) by inserting before such paragraph (2) the 
following: 
‘‘(i) EXEMPTIONS.— 
‘‘(1) IN GENERAL.—With respect to a deposi-
tory institution, the requirements of subsections (a) 
and (b) shall not apply— 
‘‘(A) with respect to closed-end mortgage 
loans, if such depository institution originated 
less than 100 closed-end mortgage loans in each 
of the two preceding calendar years; and 
‘‘(B) with respect to open-end lines of 
credit, if such depository institution originated 
less than 200 open-end lines of credit in each 
of the two preceding calendar years.’’. 
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(b) TECHNICAL CORRECTION.—Section 304(i)(2) of 
such Act, as redesignated by subsection (a), is amended 
by striking ‘‘section 303(2)(A)’’ and inserting ‘‘section 
303(3)(A)’’. 
SEC. 924. RATE OF INTEREST AFTER TRANSFER OF LOAN. 
(a) AMENDMENT TO THE REVISED STATUTES.—Sec-
tion 5197 of the Revised Statutes of the United States 
(12 U.S.C. 85) is amended by adding at the end the fol-
lowing new sentence: ‘‘A loan that is valid when made as 
to its maximum rate of interest in accordance with this 
section shall remain valid with respect to such rate regard-
less of whether the loan is subsequently sold, assigned, or 
otherwise transferred to a third party, and may be en-
forced by such third party notwithstanding any State law 
to the contrary.’’. 
(b) AMENDMENT
TO
THE HOME OWNERS’ LOAN 
ACT.—Section 4(g)(1) of the Home Owners’ Loan Act (12 
U.S.C. 1463(g)(1)) is amended by adding at the end the 
following new sentence: ‘‘A loan that is valid when made 
as to its maximum rate of interest in accordance with this 
subsection shall remain valid with respect to such rate re-
gardless of whether the loan is subsequently sold, as-
signed, or otherwise transferred to a third party, and may 
be enforced by such third party notwithstanding any State 
law to the contrary.’’. 
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(c) AMENDMENT TO THE FEDERAL CREDIT UNION 
ACT.—Section 205(g)(1) of the Federal Credit Union Act 
(12 U.S.C. 1785(g)(1)) is amended by adding at the end 
the following new sentence: ‘‘A loan that is valid when 
made as to its maximum rate of interest in accordance 
with this subsection shall remain valid with respect to such 
rate regardless of whether the loan is subsequently sold, 
assigned, or otherwise transferred to a third party, and 
may be enforced by such third party notwithstanding any 
State law to the contrary.’’. 
(d) AMENDMENT TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT.—Section 27(a) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831d(a)) is amended by adding at 
the end the following new sentence: ‘‘A loan that is valid 
when made as to its maximum rate of interest in accord-
ance with this section shall remain valid with respect to 
such rate regardless of whether the loan is subsequently 
sold, assigned, or otherwise transferred to a third party, 
and may be enforced by such third party notwithstanding 
any State law to the contrary.’’. 
SEC. 925. BRINGING THE BUREAU INTO THE REGULAR AP-
PROPRIATIONS PROCESS. 
(a) IN GENERAL.—Section 1017 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5497) is 
amended— 
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(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Bu-
reau for each of fiscal years 2018 and 2019 an 
amount equal to the aggregate amount of funds 
transferred by the Board of Governors to the Bu-
reau during fiscal year 2015.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2). 
(b) EFFECTIVE DATE.— 
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