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Code · BILL · 115th Congress · H.R. 1360 (Introduced in House) — To exempt small seller financers from certain licensing requirements. · Sec. 3

Sec. 3. Exception for seller financers with respect to loan originator license or registration requirements

72 words·~1 min read·/bill/115/hr/1360/ih/section-3

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Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended by adding at the end the following: The requirements of this title shall not apply to any person (other than a depository institution) who— originates not more than 24 residential mortgage loans in a 12-month period; and only originates residential mortgage loans that are with respect to property that is owned by such person. .
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Sec. 3
Exception for seller financers with respect to loan originator license or registration requirements
U.S.C.§ 5103
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