§ 5103. License or registration required
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/usc/title-12/section-5103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first—
(1)obtaining, and maintaining annually—
(A)a registration as a registered loan originator; or
(B)a license and registration as a State-licensed loan originator; and
(2)obtaining a unique identifier.
(b)Loan processors and underwriters
(1)Supervised loan processors and underwriters A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator.
(2)Independent contractors An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.
(Pub. L. 110–289, div. A, title V, § 1504, July 30, 2008, 122 Stat. 2814.)
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Cited by 47 sections · top 29
register
- UnknownInterpretive rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesProposed rule with request for public comment
- Rules and RegulationsFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesFinal rule
- Rules and RegulationsInterim final rule with request for public comment
- NoticesFinal rule
- NoticesNotice
- NoticesNotice of a modified system of records
- NoticesNotice for comment regarding the Federal Reserve proposal to extend without revision, the clearance under the Paperwork Reduction Act for the following information collection activity
- NoticesNotice of section 610 review and request for public comment
- NoticesBoard of Governors of the Federal Reserve System
- NoticesFinal rule; official interpretations
statute-compilations
bill
- Sec. 2Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders
- Sec. 2Exemptions for seller financers
- Sec. 2Loan originator employment transitions
- Sec. 106Transitional license authority
- Sec. 106Transitional license authority
- Sec. 3Exemptions for seller financers
- Sec. 3Exception for seller financers with respect to loan originator license or registration requirements
- Sec. 3Exception for seller financers with respect to loan originator license or registration requirements
- Sec. 3Exception for owner financers with respect to loan originator license or registration requirements
- Sec. 3Exception for owner financers with respect to loan originator license or registration requirements
- Sec. 3Exception for owner financers with respect to loan originator license or registration requirements
2 references not yet in our index
- Pub. L. 110–289, div. A, title V, § 1504
- 122 Stat. 2814
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§ 5103
License or registration required
Fed. Reg.×32
Bills×11
C.F.R.×1
Stat. Comp.×1
Stat.×1
U.S.C.×1
Pub. L.Pub. L. 110–289, div. A, title V, § 1504
Stat.122 Stat. 2814
Cites 2Cited by 47 across 6 sources