Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:

''SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.

''(a) Temporary Authority To Originate Loans for Loan Originators
Moving From a Depository Institution to a Non-Depository Institution.--
''(1) In general.--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 a loan originator in an application State for the period
described in paragraph (2) if the individual--
''(A) has not had an application for a loan
originator license denied, or had such a license
revoked or suspended in any governmental jurisdiction;
''(B) has not been subject to or served with a
cease and desist order in any governmental jurisdiction
or as described in section 1514(c);
''(C) has not been convicted of a felony that would
preclude licensure under the law of the application
State;
''(D) has submitted an application to be a State-
licensed loan originator in the application State; and
''(E) was registered in the Nationwide Mortgage
Licensing System and Registry as a loan originator
during the 12-month period preceding the date of
submission of the information required under section
1505(a).
''(2) Period.--The period described in paragraph (1) shall
begin on the date that the individual submits the information
required under section 1505(a) and shall end on the earliest
of--
''(A) the date that the individual withdraws the
application to be a State-licensed loan originator in
the application State;
''(B) the date that the application State denies,
or issues a notice of intent to deny, the application;
''(C) the date that the application State grants a
State license; or
''(D) the date that is 120 days after the date on
which the individual submits the application, if the
application is listed on the Nationwide Mortgage
Licensing System and Registry as incomplete.
''(b) Temporary Authority To Originate Loans for State-Licensed
Loan Originators Moving Interstate.--
''(1) In general.--A State-licensed loan originator shall
be deemed to have temporary authority to act as a loan
originator in an application State for the period described in
paragraph (2) if the State-licensed loan originator--
''(A) meets the requirements of subparagraphs (A),
(B), (C), and (D) of subsection (a)(1);
''(B) is employed by a State-licensed mortgage
company in the application State; and
''(C) was licensed in a State that is not the
application State during the 30-day period preceding
the date of submission of the information required
under section 1505(a) in connection with the
application submitted to the application State.
''(2) Period.--The period described in paragraph (1) shall
begin on the date that the State-licensed loan originator
submits the information required under section 1505(a) in
connection with the application submitted to the application
State and end on the earliest of--
''(A) the date that the State-licensed loan
originator withdraws the application to be a State-
licensed loan originator in the application State;
''(B) the date that the application State denies,
or issues a notice of intent to deny, the application;
''(C) the date that the application State grants a
State license; or
''(D) the date that is 120 days after the date on
which the State-licensed loan originator submits the
application, if the application is listed on the
Nationwide Mortgage Licensing System and Registry as
incomplete.
''(c) Applicability.--
''(1) Any person employing an individual who is deemed to
have temporary authority to act as a loan originator in an
application State pursuant to this section shall be subject to
the requirements of this title and to applicable State law to
the same extent as if such individual was a State-licensed loan
originator licensed by the application State.
''(2) Any individual who is deemed to have temporary
authority to act as a loan originator in an application State
pursuant to this section and who engages in residential
mortgage loan origination activities shall be subject to the
requirements of this title and to applicable State law to the
same extent as if such individual was a State-licensed loan
originator licensed by the application State.
''(d) Definitions.--In this section, the following definitions
shall apply:
''(1) State-licensed mortgage company.--The term 'State-
licensed mortgage company' means an entity licensed or
registered under the law of any State to engage in residential
mortgage loan origination and processing activities.
''(2) Application state.--The term 'application State'
means a State in which a registered loan originator or a State-
licensed loan originator seeks to be licensed.''.
(b) Table of Contents Amendment.--The table of contents in section
1(b) of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501
note) is amended by inserting after the item relating to section 1517
the following:

''Sec. 1518. Employment transition of loan originators.''.

SEC. 2. AMENDMENT TO CIVIL LIABILITY OF THE BUREAU AND OTHER OFFICIALS.

Section 1513 of the S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5112) is amended by striking ''are loan originators or are
applying for licensing or registration as loan originators'' and
inserting ''are applying for licensing or registration using the
Nationwide Mortgage Licensing System and Registry''.

SEC. 3. EFFECTIVE DATE.

This Act and the amendments made by this Act shall take effect on
the date that is 18 months after the date of the enactment of this Act.

Passed the House of Representatives May 23, 2016.

Attest:

KAREN L. HAAS,

Clerk.
Output:
(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.