Sec. 919. Eliminating barriers to jobs for loan originators
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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: A registered loan originator shall be deemed to be a State-licensed loan originator for the 120-day period beginning on the date on which a State-licensed mortgage lender, mortgage banker, or mortgage servicer that is not a depository institution registers with the Nationwide Mortgage Licensing System and Registry that the registered loan originator is employed by the State-licensed mortgage lender, mortgage banker, or mortgage servicer, as applicable.
A registered loan originator or State-licensed loan originator in 1 State shall be deemed to be a State-licensed loan originator in another State for the 120-day period beginning on the date on which a State-licensed mortgage lender, mortgage banker, or mortgage servicer in that State registers with the Nationwide Mortgage Licensing System and Registry that the registered loan originator or State-licensed loan originator is employed by the State-licensed mortgage lender, mortgage banker, or mortgage servicer, as applicable.
The registration provided under subsections
(a)and
(b)shall fulfill any licensing or registration requirement for a loan originator under section 1504 and any State law or regulation. . The table of contents for the Housing and Economic Recovery Act of 2008 ( Public Law 110–289 ; 122 Stat. 2654) is amended by inserting after the item relating to section 1517 the following: Sec. 1518. Employment transition. .
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- Pub. L. 110-289
- 122 Stat. 2654
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Sec. 919
Eliminating barriers to jobs for loan originators
Pub. L.Pub. L. 110-289
Stat.122 Stat. 2654
Cites 3Cited by 0 across 0 sources