SAFE Transitional Licensing Act of 2015

Bill: 114-hr-2121
Sponsor: Rep. Stivers, Steve [R-OH-15]
Introduced: 2015-04-29 in the House
Policy area: Housing and Community Development
Subjects: Civil actions and liability
Consumer Financial Protection Bureau
Government liability
Housing finance and home ownership
Licensing and registrations
State and local government operations

Summary:
action_date: 2015-04-29
text: 

SAFE Transitional Licensing Act of 2015 

 
This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license of 120 days for registered loan originators: (1) moving from a financial institution to a state-licensed non-bank originator, or (2) moving interstate to a state-licensed loan originator in another state.
 
Any person registering a registered loan originator with the Nationwide Mortgage Licensing System and Registry shall be subject to this Act and to applicable state law to the same extent as if that registered loan originator was licensed and registered as a state-licensed loan originator.

action_date: 2016-05-23
text: 
(Sec. 1) This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 (Act) to state that, upon employment by a state-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as one in an application state for a specified period if the individual:
 
 
has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction;
 
has not been subject to or served with a cease and desist order in any governmental jurisdiction;
 
has not been convicted of a felony that would preclude licensure under the law of the application state;
 
has applied to be a state-licensed originator in the application state; and
 
was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of the required information.
 
 
A state-licensed loan originator shall also be deemed to have temporary authority to act as a loan originator in an application state for a specified period if the loan originator: (1) meets certain requirements; (2) is employed by a state-licensed mortgage company in the application state; and (3) was licensed in another state during the 30-day period before submitting the information required in connection with the application to the application state.
 
Any person employing an individual deemed to have such temporary authority to act as a loan originator in an application state, and any such individual who engages in residential mortgage loan activities, shall be subject to the requirements of the Act and to state law to the same extent as if such individual was a loan originator licensed by the application state.
 
(Sec. 2) The exemption from civil liability of the Consumer Financial Protection Bureau (CFPB), any state official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry (or a CFPB-established system), or any officer or employee of any such entity, by reason of a good faith action or omission while acting within the scope of office or employment that relates to the collection, furnishing, or dissemination of information concerning persons applying for licensing or registration as loan originators shall be limited to any such activities involving only information concerning applicants using the Nationwide Mortgage Licensing System and Registry.


Legislative actions:
action_date: 2016-05-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-05-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-05-23
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2905-2906)
action_date: 2016-05-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2905-2906)
action_date: 2016-05-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2121.
action_date: 2016-05-23
text: Considered under suspension of the rules. (consideration: CR H2905-2907)
action_date: 2016-05-23
text: Mr. Luetkemeyer moved to suspend the rules and pass the bill, as amended.
action_date: 2016-05-23
text: Placed on the Union Calendar, Calendar No. 454.
action_date: 2016-05-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-584.
action_date: 2016-05-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-584.
action_date: 2016-03-02
text: Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.
action_date: 2016-03-02
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-10-21
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
action_date: 2015-04-29
text: Referred to the House Committee on Financial Services.
action_date: 2015-04-29
text: Introduced in House
action_date: 2015-04-29
text: Introduced in House