dreamproit/uscode huggingface dataset:
12 U.S.C. § 5101 (BANKS AND BANKING)
§ 5101. Purposes and methods for establishing a mortgage licensing system and registry
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
(Pub. L. 110–289, div. A, title V, § 1502, July 30, 2008, 122 Stat. 2810.)
heading: Short Title
text: Pub. L. 110–289, div. A, title V, § 1501, July 30, 2008, 122 Stat. 2810, provided that: “This title [enacting this chapter] may be cited as the ‘Secure and Fair Enforcement for Mortgage Licensing Act of 2008’ or ‘S.A.F.E. Mortgage Licensing Act of 2008’.”
12 U.S.C. § 5103 (BANKS AND BANKING)
§ 5103. License or registration required
(a) In general
Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first—
(1) obtaining, and maintaining annually—
(A) a registration as a registered loan originator; or
(B) a license and registration as a State-licensed loan originator; and
(2) obtaining a unique identifier.
(b) Loan processors and underwriters
(1) Supervised loan processors and underwriters
A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator.
(2) Independent contractors
An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.
(Pub. L. 110–289, div. A, title V, § 1504, July 30, 2008, 122 Stat. 2814.)
12 U.S.C. § 5105 (BANKS AND BANKING)
§ 5105. Standards for State license renewal
(a) In general
The minimum standards for license renewal for State-licensed loan originators shall include the following:
(1) The loan originator continues to meet the minimum standards for license issuance.
(2) The loan originator has satisfied the annual continuing education requirements described in subsection (b).
(b) Continuing education for State-licensed loan originators
(1) In general
In order to meet the annual continuing education requirements referred to in subsection (a)(2), a State-licensed loan originator shall complete at least 8 hours of education approved in accordance with paragraph (2), which shall include at least—
(A) 3 hours of Federal law and regulations;
(B) 2 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(C) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) Approved educational courses
For purposes of paragraph (1), continuing education courses shall be reviewed, and approved by the Nationwide Mortgage Licensing System and Registry.
(3) Calculation of continuing education credits
A State-licensed loan originator—
(A) may only receive credit for a continuing education course in the year in which the course is taken; and
(B) may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(4) Instructor credit
A State-licensed loan originator who is approved as an instructor of an approved continuing education course may receive credit for the originator’s own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.
(5) Limitation and standards
(A) Limitation
To maintain the independence of the approval process, the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer any continuing education courses for loan originators.
(B) Standards
In approving courses under this section, the Nationwide Mortgage Licensing System and Registry shall apply reasonable standards in the review and approval of courses.
(Pub. L. 110–289, div. A, title V, § 1506, July 30, 2008, 122 Stat. 2816.)
12 U.S.C. § 5108 (BANKS AND BANKING)
§ 5108. Backup authority to establish a nationwide mortgage licensing and registry system
If at any time the Director determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
(Pub. L. 110–289, div. A, title V, § 1509, July 30, 2008, 122 Stat. 2819; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Director” for “Secretary” in two places.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5109 (BANKS AND BANKING)
§ 5109. Fees
The Bureau, the Farm Credit Administration, and the Nationwide Mortgage Licensing System and Registry may charge reasonable fees to cover the costs of maintaining and providing access to information from the Nationwide Mortgage Licensing System and Registry, to the extent that such fees are not charged to consumers for access to such system and registry.
(Pub. L. 110–289, div. A, title V, § 1510, as added Pub. L. 111–203, title X, § 1100(7), July 21, 2010, 124 Stat. 2107.)
heading: Prior Provisions
text: A prior section 5109, Pub. L. 110–289, div. A, title V, § 1510, July 30, 2008, 122 Stat. 2819, which related to fees, was repealed by Pub. L. 111–203, title X, § 1100(7), July 21, 2010, 124 Stat. 2107.
heading: Effective Date
text: Section effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5110 (BANKS AND BANKING)
§ 5110. Background checks of loan originators
(a) Access to records
Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide access to all criminal history information to the appropriate State officials responsible for regulating State-licensed loan originators to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators.
(b) Agent
For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subsection (a), the Conference of State Bank Supervisors or a wholly owned subsidiary may be used as a channeling agent of the States for requesting and distributing information between the Department of Justice and the appropriate State agencies.
(Pub. L. 110–289, div. A, title V, § 1511, July 30, 2008, 122 Stat. 2819.)
12 U.S.C. § 5111 (BANKS AND BANKING)
§ 5111. Confidentiality of information
(a) System confidentiality
Except as otherwise provided in this section, any requirement under Federal or State law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry or a system established by the Director under section 5108 of this title, and any privilege arising under Federal or State law (including the rules of any Federal or State court) with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the system. Such information and material may be shared with all State and Federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by Federal and State laws.
(b) Nonapplicability of certain requirements
Information or material that is subject to a privilege or confidentiality under subsection (a) shall not be subject to—
(1) disclosure under any Federal or State law governing the disclosure to the public of information held by an officer or an agency of the Federal Government or the respective State; or
(2) subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry or the Director with respect to such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person, that privilege.
(c) Coordination with other law
Any State law, including any State open record law, relating to the disclosure of confidential supervisory information or any information or material described in subsection (a) that is inconsistent with subsection (a) shall be superseded by the requirements of such provision to the extent State law provides less confidentiality or a weaker privilege.
(d) Public access to information
This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators that is included in Nationwide Mortgage Licensing System and Registry for access by the public.
(Pub. L. 110–289, div. A, title V, § 1512, July 30, 2008, 122 Stat. 2820; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)
heading: Amendments
text: 2010—Subsecs. (a), (b)(2). Pub. L. 111–203 substituted “Director” for “Secretary”.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5112 (BANKS AND BANKING)
§ 5112. Liability provisions
The Bureau, any State official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry or a system established by the Director under section 5108 of this title, or any officer or employee of any such entity, shall not be subject to any civil action or proceeding for monetary damages by reason of the good faith action or omission of any officer or employee of any such entity, while acting within the scope of office or employment, relating to the collection, furnishing, or dissemination of information concerning persons who are loan originators or are applying for licensing or registration as loan originators.
(Pub. L. 110–289, div. A, title V, § 1513, as added Pub. L. 111–203, title X, § 1100(8), July 21, 2010, 124 Stat. 2107.)
heading: Prior Provisions
text: A prior section 5112, Pub. L. 110–289, div. A, title V, § 1513, July 30, 2008, 122 Stat. 2820, which barred liability for good faith actions or omissions by certain entities’ officers or employees, was repealed by Pub. L. 111–203, title X, § 1100(8), July 21, 2010, 124 Stat. 2107.
heading: Effective Date
text: Section effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5114 (BANKS AND BANKING)
§ 5114. State examination authority
In addition to any authority allowed under State law a State licensing agency shall have the authority to conduct investigations and examinations as follows:
(1) For the purposes of investigating violations or complaints arising under this chapter, or for the purposes of examination, the State licensing agency may review, investigate, or examine any loan originator licensed or required to be licensed under this chapter, as often as necessary in order to carry out the purposes of this chapter.
(2) Each such loan originator shall make available upon request to the State licensing agency the books and records relating to the operations of such originator. The State licensing agency may have access to such books and records and interview the officers, principals, loan originators, employees, independent contractors, agents, and customers of the licensee concerning their business.
(3) The authority of this section shall remain in effect, whether such a loan originator acts or claims to act under any licensing or registration law of such State, or claims to act without such authority.
(4) No person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.
(Pub. L. 110–289, div. A, title V, § 1515, July 30, 2008, 122 Stat. 2823.)
12 U.S.C. § 5115 (BANKS AND BANKING)
§ 5115. Reports and recommendations to Congress
(a) Annual reports
Not later than 1 year after July 30, 2008, and annually thereafter, the Director shall submit a report to Congress on the effectiveness of the provisions of this chapter, including legislative recommendations, if any, for strengthening consumer protections, enhancing examination standards, streamlining communication between all stakeholders involved in residential mortgage loan origination and processing, and establishing performance based bonding requirements for mortgage originators or institutions that employ such brokers.
(b) Legislative recommendations
Not later than 6 months after July 30, 2008, the Director shall make recommendations to Congress on legislative reforms to the Real Estate Settlement Procedures Act of 1974 [12 U.S.C. 2601 et seq.], that the Director deems appropriate to promote more transparent disclosures, allowing consumers to better shop and compare mortgage loan terms and settlement costs.
(Pub. L. 110–289, div. A, title V, § 1516, July 30, 2008, 122 Stat. 2824; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)
heading: References in Text
text: The Real Estate Settlement Procedures Act of 1974, referred to in subsec. (b), is Pub. L. 93–533, Dec. 22, 1974, 88 Stat. 1724, which is classified principally to chapter 27 (§ 2601 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2601 of this title and Tables.
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5116 (BANKS AND BANKING)
§ 5116. Study and reports on defaults and foreclosures
(a) Study required
The Director shall conduct an extensive study of the root causes of default and foreclosure of home loans, using as much empirical data as is available.
(b) Preliminary report to Congress
Not later than 6 months after July 30, 2008, the Director shall submit to Congress a preliminary report regarding the study required by this section.
(c) Final report to Congress
Not later than 12 months after July 30, 2008, the Director shall submit to Congress a final report regarding the results of the study required by this section, which shall include any recommended legislation relating to the study, and recommendations for best practices and for a process to provide targeted assistance to populations with the highest risk of potential default or foreclosure.
(Pub. L. 110–289, div. A, title V, § 1517, July 30, 2008, 122 Stat. 2824; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 5202 (BANKS AND BANKING)
§ 5202. Definitions
For purposes of this chapter, the following definitions shall apply:
(1) Appropriate committees of Congress
The term “appropriate committees of Congress” means—
(A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
(2) Board
The term “Board” means the Board of Governors of the Federal Reserve System.
(3) Congressional support agencies
The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation.
(4) Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
(5) Financial institution
The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.
(6) Fund
The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 5212 of this title.
(7) Secretary
The term “Secretary” means the Secretary of the Treasury.
(8) TARP
The term “TARP” means the Troubled Asset Relief Program established under section 5211 of this title.
(9) Troubled assets
The term “troubled assets” means—
(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and
(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
(Pub. L. 110–343, div. A, § 3, Oct. 3, 2008, 122 Stat. 3766.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
12 U.S.C. § 5213 (BANKS AND BANKING)
§ 5213. Considerations
In exercising the authorities granted in this chapter, the Secretary shall take into consideration—
(1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt;
(2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security;
(3) the need to help families keep their homes and to stabilize communities;
(4) in determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this chapter;
(5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this chapter;
(6) providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;
(7) the need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil;
(8) protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of title 26, except that such authority shall not extend to any compensation arrangements subject to section 409A of such title; and
(9) the utility of purchasing other real estate owned and instruments backed by mortgages on multifamily properties.
(Pub. L. 110–343, div. A, title I, § 103, Oct. 3, 2008, 122 Stat. 3770.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.