Sec. 106. Transitional license authority

191 words·~1 min read·/bill/114/s/1491/is/section-106

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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: In this subsection, the term covered registered loan originator means a registered loan originator who— submits the information required under section 1505(a); and during the 30-day period preceding the date of such submission, met the standard of being qualified under section 129B(b)(1)(A) of the Truth in Lending Act ( 15 U.S.C. 1639b(b)(1)(A) ). Notwithstanding the requirements of subsections

(b)through

(e)of section 1505, a State may permit a covered registered loan originator to act as a loan originator, under the supervision of a non-depository firm that engages in loan origination in that State, for the 120-day period beginning on the date on which the covered registered loan originator submits the information required under section 1505(a). A covered registered loan originator may not act as a loan originator under paragraph

(2)after the date on which the 120-day period described in that paragraph expires. .

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12 USC 5103
15 USC 1639b(b)(1)(A)

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Sec. 106

Transitional license authority

Cite12 USC 5103

Cite15 USC 1639b(b)(1)(A)

Cites 2Cited by 0 across 0 sources