[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2121 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2121

   To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a 
temporary license for loan originators transitioning between employers, 
                        and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 29, 2015

Mr. Stivers (for himself, Ms. Sewell of Alabama, Mr. Westmoreland, Mrs. 
  Beatty, Mr. Messer, and Ms. Sinema) 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 provide a 
temporary license for loan originators transitioning between employers, 
                        and for other purposes.

    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 ``SAFE Transitional Licensing Act of 
2015''.

SEC. 2. LOAN ORIGINATOR EMPLOYMENT TRANSITIONS.

    Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5103) is amended by adding at the end the following new 
subsection:
    ``(c) Employment Transition.--
            ``(1) Temporary license for persons moving from a financial 
        institution to a non-bank originator.--A registered loan 
        originator shall be deemed to be a State-licensed loan 
        originator for the 120-day period beginning on the date that a 
        State-licensed mortgage lender, mortgage banker, or mortgage 
        servicer, that is not a depository institution, registers with 
        the Nationwide Mortgage Licensing System and Registry that such 
        registered loan originator is employed by such State-licensed 
        mortgage lender, mortgage banker, or mortgage servicer.
            ``(2) Temporary license for persons moving interstate.--A 
        registered loan originator or State-licensed loan originator in 
        one State shall be deemed to be a State-licensed loan 
        originator in another State for the 120-day period beginning on 
        the date that a State-licensed mortgage lender, mortgage 
        banker, or mortgage servicer in such other State registers with 
        the Nationwide Mortgage Licensing System and Registry that such 
        person is employed by such State-licensed mortgage lender, 
        mortgage banker, or mortgage servicer.
            ``(3) Federal and state recognition.--Registration pursuant 
        to paragraph (1) or (2) shall fulfill any licensing and 
        registration requirement for a loan originator pursuant to this 
        section and any State law or regulation.
            ``(4) Applicability.--Any person registering a registered 
        loan originator with the Nationwide Mortgage Licensing System 
        and Registry under this subsection shall be subject to this Act 
        and to applicable State law to the same extent as if such 
        registered loan originator was licensed and registered as a 
        State-licensed loan originator under subsection (a).''.
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