Protecting Independence in the Education of Loan Originators Act of 2014

Bill: 113-hr-5310
Sponsor: full_name: Rep. Miller, Gary G. [R-CA-31]
Introduced: 2014-07-31
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership

Licensing and registrations

Real estate business

Vocational and technical education
Latest action: action_date: 2014-07-31
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-07-31
action_desc: Introduced in House
text: <p>Protecting Independence in the Education of Loan Originators Act of 2014 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to prohibit the courses offered by lenders for their own employees from satisfying the pre-licensing education or continuing education requirement.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5310 IN THE HOUSE OF REPRESENTATIVES July 31, 2014 Mr. Gary G. Miller of California (for himself and Mrs. Carolyn B. Maloney of New York ) 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 specify that courses offered by lenders for their own employees may not satisfy the pre-licensing education or continuing education requirement.

1. Short title This Act may be cited as the Protecting Independence in the Education of Loan Originators Act of 2014 . 2. Limitation on educational courses (a) Pre-Licensing courses Section 1505(c)(3)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5104(c)(3)(A) ) is amended to read as follows: (A) Limitation To maintain the independence of the approval process— (i) the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and (ii) no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1). . (b) Continuing education courses Section 1506(b)(5)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5105(b)(5)(A) ) is amended to read as follows: (A) Limitation To maintain the independence of the approval process— (i) the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer continuing education courses for loan originators; and (ii) no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1). .