I 111th CONGRESS 2d Session H. R. 5098 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.

1.

Short title

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

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.

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.