Qualified Mortgage Loan Originator Transitional Authority Act of 2013

Bill: 113-hr-2379
Sponsor: full_name: Rep. Bachus, Spencer [R-AL-6]
Introduced: 2013-06-14
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership

Licensing and registrations
Latest action: action_date: 2013-06-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-06-14
action_desc: Introduced in House
text: <p>Qualified Mortgage Loan Originator Transitional Authority Act of 2013 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 with respect to the prohibition against an individual's engaging in the business of a loan originator without first obtaining (and maintaining annually) a registration as a registered loan originator or a license and registration as a state-licensed loan originator, as well as obtaining a unique identifier.</p> <p>Authorizes certain individuals who are qualified registered loan originators under the Truth in Lending Act to act as a loan originator, during a 90-day period following submission of background check materials, under the supervision of a state-licensed firm that engages in loan origination. Terminates the individual's authority to act as a loan originator upon the end of such 90-day period. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2379 IN THE HOUSE OF REPRESENTATIVES June 14, 2013 Mr. Bachus (for himself, Mr. Peters of Michigan , and Mr. Gary G. Miller of California ) 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 permit a transitional period of 90 days for completion of requirements for qualified registered mortgage loan originators.

1. Short title This Act may be cited as the Qualified Mortgage Loan Originator Transitional Authority Act of 2013 . 2. Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended— (1) in subsection (a), by inserting after as the case may be, the following: and except as provided in subsection (c), ; and (2) by adding at the end the following: (c) Transitional authority Notwithstanding the requirements of section 1505, an individual who complies with the submission requirements of section 1505(a) and who, within the preceding 60 days, was a registered loan originator that met the standard of being qualified described under section 129B(b)(1)(A) of the Truth in Lending Act ( 15 U.S.C. 1639b(b)(1)(A) ), may act as a loan originator during the 90-day period following such submission, under the supervision of a State-licensed firm that engages in loan origination. Upon the end of such 90-day period, the authority to act as a loan originator conveyed by this subsection shall terminate. .