I 
114TH CONGRESS 
1ST SESSION H. R. 2121 
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a tem-
porary license for loan originators transitioning between employers, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 29, 2015 
Mr. STIVERS (for himself, Ms. SEWELL of Alabama, Mr. WESTMORELAND, 
Mrs. BEATTY, Mr. MESSER, and Ms. SINEMA) introduced the following 
bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the S.A.F.E. Mortgage Licensing Act of 2008 
to provide a temporary license for loan originators 
transitioning between employers, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘SAFE Transitional 
Licensing Act of 2015’’. 
SEC. 2. LOAN ORIGINATOR EMPLOYMENT TRANSITIONS. 
Section 1504 of the S.A.F.E. Mortgage Licensing Act 
of 2008 (12 U.S.C. 5103) is amended by adding at the 
end the following new subsection: 
VerDate Sep 11 2014 
00:00 May 08, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2121.IH
H2121
SSpencer on DSK4SPTVN1PROD with BILLS
‘‘(c) EMPLOYMENT TRANSITION.— 
‘‘(1) TEMPORARY LICENSE FOR PERSONS MOV-
ING FROM A FINANCIAL INSTITUTION TO A NON- 
BANK
ORIGINATOR.—A registered loan originator 
shall be deemed to be a State-licensed loan origi-
nator for the 120-day period beginning on the date 
that a State-licensed mortgage lender, mortgage 
banker, or mortgage servicer, that is not a deposi-
tory institution, registers with the Nationwide Mort-
gage Licensing System and Registry that such reg-
istered loan originator is employed by such State-li-
censed mortgage lender, mortgage banker, or mort-
gage servicer. 
‘‘(2) TEMPORARY LICENSE FOR PERSONS MOV-
ING INTERSTATE.—A registered loan originator or 
State-licensed loan originator in one State shall be 
deemed to be a State-licensed loan originator in an-
other State for the 120-day period beginning on the 
date that a State-licensed mortgage lender, mort-
gage banker, or mortgage servicer in such other 
State registers with the Nationwide Mortgage Li-
censing System and Registry that such person is em-
ployed by such State-licensed mortgage lender, mort-
gage banker, or mortgage servicer. 
VerDate Sep 11 2014 
00:00 May 08, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2121.IH
H2121
SSpencer on DSK4SPTVN1PROD with BILLS
‘‘(3) FEDERAL
AND
STATE
RECOGNITION.— 
Registration pursuant to paragraph (1) or (2) shall 
fulfill any licensing and registration requirement for 
a loan originator pursuant to this section and any 
State law or regulation. 
‘‘(4) APPLICABILITY.—Any person registering a 
registered loan originator with the Nationwide Mort-
gage Licensing System and Registry under this sub-
section shall be subject to this Act and to applicable 
State law to the same extent as if such registered 
loan originator was licensed and registered as a 
State-licensed loan originator under subsection (a).’’. 
Æ 
VerDate Sep 11 2014 
00:00 May 08, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H2121.IH
H2121
SSpencer on DSK4SPTVN1PROD with BILLS