Sec. 1507. SYSTEM OF REGISTRATION ADMINISTRATION BY FEDERAL AGENCIES
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## SEC. 1507 SYSTEM OF REGISTRATION ADMINISTRATION BY FEDERAL AGENCIES **[**[12 U.S.C. 5106](/us/usc/t12/s5106)**]** ###
(a)Development ####
(1)In general The Bureau shall develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. The system shall be implemented before the end of the 1-year period beginning on the date of enactment of the Consumer Financial Protection Act of 2010. ####
(2)Registration requirements In connection with the registration of any loan originator under this subsection, the Bureau shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the identity of the employee, including— #####
(A)fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a State and national criminal history background check; and #####
(B)personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction. ### (b)2 Coordination ####
(1)Unique identifier The Bureau, and the Bureau of Consumer Financial Protection shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each registered loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators. ####
(2)Nationwide mortgage licensing system and registry development To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Bureau, and the Bureau of Consumer Financial Protection concerning the development and operation, by such System and Registry, of the registration functionality and data requirements for loan originators. 2Subsection
(b)was amended by section 1100(5)(B) of Public Law 111-203 by striking “through the Financial Institutions Examination Council, and the Farm Credit Administration” and inserting “and the Bureau of Consumer Financial Protection”. Such amendment was executed to both occurences of the matter struck to reflect the probable intent of Congress. ###
(c)Consideration of Factors and Procedures In establishing the registration procedures under subsection
(a)and the protocols for assigning a unique identifier to a registered loan originator, the Bureau shall make such de minimis exceptions as may be appropriate to paragraphs (1)(A) and
(2)of section 1504(a), shall make reasonable efforts to utilize existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent with the purposes of this title.
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- Pub. L. 111-203
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Sec. 1507
SYSTEM OF REGISTRATION ADMINISTRATION BY FEDERAL AGENCIES
Pub. L.Pub. L. 111-203
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