Sec. 2. Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders
144 words·~1 min read·
/bill/113/hr/2379/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended— in subsection (a), by inserting after as the case may be, the following: and except as provided in subsection (c), ; and by adding at the end the following: 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. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Sec. 2
Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders
Cites 2Cited by 0 across 0 sources