§ 1008.113. Performance standards.
159 words·~1 min read·
/us/cfr/t12/s§ 1008.113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)For the Bureau to determine that a state is providing effective supervision and enforcement, a supervisory authority must meet the following performance standards:
(1)The supervisory authority must participate in the NMLSR;
(2)The supervisory authority must approve or deny loan originator license applications and must renew or refuse to renew existing loan originator licenses for violations of state or Federal law;
(3)The supervisory authority must discipline loan originator licensees with appropriate enforcement actions, such as license suspensions or revocations, cease-and-desist orders, civil money penalties, and consumer refunds for violations of state or Federal law;
(4)The supervisory authority must examine or investigate loan originator licensees in a systematic manner based on identified risk factors or on a periodic schedule.
(b)A supervisory authority that is accredited under the Conference of State Bank Supervisors-American Association of Residential Mortgage Regulators Mortgage Accreditation Program will be presumed by the Bureau to be compliant with the requirements of this section.