Source: http://www.law.cornell.edu/uscode/text/12/5107?quicktabs_8=3
Timestamp: 2013-05-22 09:57:28
Document Index: 613233185

Matched Legal Cases: ['§ 5107', '§ 5107', '§ 5107', '§ 1508', '§ 1100', '§ 1100', '§ 1100']

12 USC § 5107 - Bureau of Consumer Financial Protection backup authority to establish loan originator licensing system | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
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12 USC § 5107 - Bureau of Consumer Financial Protection backup authority to establish loan originator licensing system
Backup licensing system If, by the end of the 1-year period, or the 2-year period in the case of a State whose legislature meets only biennially, beginning on July 30, 2008, or at any time thereafter, the Director determines that a State does not have in place by law or regulation a system for licensing and registering loan originators that meets the requirements of sections 5104 and 5105 of this title and subsection (d) of this section, or does not participate in the Nationwide Mortgage Licensing System and Registry, the Director shall provide for the establishment and maintenance of a system for the licensing and registration by the Director of loan originators operating in such State as State-licensed loan originators.
Licensing and registration requirements The system established by the Director under subsection (a) for any State shall meet the requirements of sections 5104 and 5105 of this title for State-licensed loan originators.
Unique identifier The Director shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each loan originator licensed by the Director as a State-licensed loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators.
State licensing law requirements For purposes of this section, the law in effect in a State meets the requirements of this subsection if the Director determines the law satisfies the following minimum requirements:
Temporary extension of period The Director may extend, by not more than 24 months, the 1-year or 2-year period, as the case may be, referred to in subsection (a) for the licensing of loan originators in any State under a State licensing law that meets the requirements of sections 5104 and 5105 of this title and subsection (d) if the Director determines that such State is making a good faith effort to establish a State licensing law that meets such requirements, license mortgage originators under such law, and register such originators with the Nationwide Mortgage Licensing System and Registry.
Regulation authority (1)
In general The Bureau is authorized to promulgate regulations setting minimum net worth or surety bond requirements for residential mortgage loan originators and minimum requirements for recovery funds paid into by loan originators.
Considerations In issuing regulations under paragraph (1), the Bureau shall take into account the need to provide originators adequate incentives to originate affordable and sustainable mortgage loans, as well as the need to ensure a competitive origination market that maximizes consumer access to affordable and sustainable mortgage loans.
(Pub. L. 110–289, div. A, title V, § 1508,July 30, 2008, 122 Stat. 2818; Pub. L. 111–203, title X, § 1100(3), (6),July 21, 2010, 124 Stat. 2106.)
2010—Pub. L. 111–203, § 1100(3), (6)(A), inserted section catchline, struck out former section catchline which read “Secretary of Housing and Urban Development backup authority to establish a loan originator licensing system”, and substituted “Director” for “Secretary” wherever appearing in text.
Subsec. (f). Pub. L. 111–203, § 1100(6)(B), added subsec. (f).