113 HR 5310 IH: Protecting Independence in the Education of Loan Originators Act of 2014 U.S. House of Representatives 2014-07-31 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 2d Session H. R. 5310 IN THE HOUSE OF REPRESENTATIVES July 31, 2014 Mr. Gary G. Miller of California (for himself and Mrs. Carolyn B. Maloney of New York) 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 specify that courses offered by lenders for their own employees may not satisfy the pre-licensing education or continuing education requirement.

1.

Short title

This Act may be cited as the Protecting Independence in the Education of Loan Originators Act of 2014.

2.

Limitation on educational courses

(a)

Pre-Licensing courses

Section 1505(c)(3)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5104(c)(3)(A)) is amended to read as follows: (A)

Limitation

To maintain the independence of the approval process— (i)the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and (ii)no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).. (b)

Continuing education courses

Section 1506(b)(5)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5105(b)(5)(A)) is amended to read as follows: (A)

Limitation

To maintain the independence of the approval process— (i)the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer continuing education courses for loan originators; and (ii)no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1)..