113 HR 2379 IH: Qualified Mortgage Loan Originator Transitional Authority Act of 2013 U.S. House of Representatives 2013-06-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 2379 IN THE HOUSE OF REPRESENTATIVES June 14, 2013 Mr. Bachus (for himself, Mr. Peters of Michigan, and Mr. Gary G. Miller of California) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the S.A.F.E. Mortgage Licensing Act of 2008 to permit a transitional period of 90 days for completion of requirements for qualified registered mortgage loan originators.

1.

Short title

This Act may be cited as the Qualified Mortgage Loan Originator Transitional Authority Act of 2013.

2.

Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders

Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103) is amended— (1)in subsection (a), by inserting after as the case may be, the following: and except as provided in subsection (c),; and (2)by adding at the end the following: (c)

Transitional authority

Notwithstanding the requirements of section 1505, an individual who complies with the submission requirements of section 1505(a) and who, within the preceding 60 days, was a registered loan originator that met the standard of being qualified described under section 129B(b)(1)(A) of the Truth in Lending Act (15 U.S.C. 1639b(b)(1)(A)), may act as a loan originator during the 90-day period following such submission, under the supervision of a State-licensed firm that engages in loan origination. Upon the end of such 90-day period, the authority to act as a loan originator conveyed by this subsection shall terminate. .