[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5098 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5098

  To delay the implementation of the licensing requirements under the 
                S.A.F.E. Mortgage Licensing Act of 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2010

 Mr. Ellison introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To delay the implementation of the licensing requirements under the 
                S.A.F.E. Mortgage Licensing Act of 2008.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flexible Licensing Compliance for 
Nonprofit Housing Employees Act of 2010''.

SEC. 2. CONGRESSIONAL FINDINGS.

    The Congress finds that--
            (1) the United States is experiencing a historic 
        foreclosure crisis on home mortgages;
            (2) in the first quarter of 2010, 8,000,000 homes were in 
        the foreclosure pipeline and 27,000,000 households reportedly 
        owed more than their homes were worth;
            (3) nonprofit housing counseling agencies approved by the 
        Department of Housing and Urban Development are experiencing an 
        increased demand for housing counseling services;
            (4) housing counselors are facing a growing need for their 
        foreclosure prevention and home purchasing services;
            (5) a decrease in the availability of Federal, local, and 
        private funds has contributed to reduced budgets for nonprofit 
        housing counseling agencies; and
            (6) it is estimated that one in four housing counseling 
        agencies has reduced staff due to budget shortfalls and, as a 
        result, housing counseling agencies have reduced their hours 
        and turned away clients.

SEC. 3. EFFECTIVE DATE OF LICENSING AND REGISTRATION REQUIREMENTS.

    Notwithstanding any other provision of law, sections 1504 and 1508 
of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103, 5107), 
and any regulations of the Secretary of Housing and Urban Development 
under such Act regarding licensing or registration requirements for 
engaging in the business of a loan originator shall not take effect 
until January 1, 2011.
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