[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2121 Reported in House (RH)]
<DOC>
Union Calendar No. 454
114th CONGRESS
2d Session
H. R. 2121
[Report No. 114-584]
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.
_______________________________________________________________________
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
May 23, 2016
Additional sponsors: Mr. Perlmutter, Mrs. Carolyn B. Maloney of New
York, Mr. Huizenga of Michigan, Mr. Carney, Mr. Mulvaney, Mr. Sherman,
Mr. Tipton, Mr. Luetkemeyer, Mr. Ross, Mr. Delaney, Mr. Upton, Mr.
Kildee, Mr. Griffith, Mr. Sires, Ms. Moore, Mr. Rigell, Mr. Cleaver,
Mr. Sean Patrick Maloney of New York, Mr. David Scott of Georgia, Mr.
Meeks, Mrs. Love, Mr. Polis, Mr. Fincher, Mr. Larson of Connecticut,
Mr. Himes, Mr. Neugebauer, Mr. Quigley, Mr. Foster, Mr. Poliquin, Mr.
Yoder, Mr. Coffman, Mr. Williams, Mr. Pittenger, Mr. Posey, Mr. Barr,
Mrs. Comstock, Mr. Ashford, Mr. Moolenaar, Mr. Forbes, Mrs. Blackburn,
Mrs. Miller of Michigan, Ms. Michelle Lujan Grisham of New Mexico, Mr.
Ruppersberger, Mr. Renacci, Mr. Murphy of Pennsylvania, and Mr. Turner
May 23, 2016
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on April
29, 2015]
_______________________________________________________________________
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. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.
(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.
``(a) Temporary Authority to Originate Loans for Loan Originators
Moving From a Depository Institution to a Non-depository Institution.--
``(1) In general.--Upon employment by a State-licensed
mortgage company, an individual who is a registered loan
originator shall be deemed to have temporary authority to act
as a loan originator in an application State for the period
described in paragraph (2) if the individual--
``(A) has not had an application for a loan
originator license denied, or had such a license
revoked or suspended in any governmental jurisdiction;
``(B) has not been subject to or served with a
cease and desist order in any governmental jurisdiction
or as described in section 1514(c);
``(C) has not been convicted of a felony that would
preclude licensure under the law of the application
State;
``(D) has submitted an application to be a State-
licensed loan originator in the application State; and
``(E) was registered in the Nationwide Mortgage
Licensing System and Registry as a loan originator
during the 12-month period preceding the date of
submission of the information required under section
1505(a).
``(2) Period.--The period described in paragraph (1) shall
begin on the date that the individual submits the information
required under section 1505(a) and shall end on the earliest
of--
``(A) the date that the individual withdraws the
application to be a State-licensed loan originator in
the application State;
``(B) the date that the application State denies,
or issues a notice of intent to deny, the application;
``(C) the date that the application State grants a
State license; or
``(D) the date that is 120 days after the date on
which the individual submits the application, if the
application is listed on the Nationwide Mortgage
Licensing System and Registry as incomplete.
``(b) Temporary Authority to Originate Loans for State-licensed
Loan Originators Moving Interstate.--
``(1) In general.--A State-licensed loan originator shall
be deemed to have temporary authority to act as a loan
originator in an application State for the period described in
paragraph (2) if the State-licensed loan originator--
``(A) meets the requirements of subparagraphs (A),
(B), (C), and (D) of subsection (a)(1);
``(B) is employed by a State-licensed mortgage
company in the application State; and
``(C) was licensed in a State that is not the
application State during the 30-day period preceding
the date of submission of the information required
under section 1505(a) in connection with the
application submitted to the application State.
``(2) Period.--The period described in paragraph (1) shall
begin on the date that the State-licensed loan originator
submits the information required under section 1505(a) in
connection with the application submitted to the application
State and end on the earliest of--
``(A) the date that the State-licensed loan
originator withdraws the application to be a State-
licensed loan originator in the application State;
``(B) the date that the application State denies,
or issues a notice of intent to deny, the application;
``(C) the date that the application State grants a
State license; or
``(D) the date that is 120 days after the date on
which the State-licensed loan originator submits the
application, if the application is listed on the
Nationwide Mortgage Licensing System and Registry as
incomplete.
``(c) Applicability.--
``(1) Any person employing an individual who is deemed to
have temporary authority to act as a loan originator in an
application State pursuant to this section shall be subject to
the requirements of this title and to applicable State law to
the same extent as if such individual was a State-licensed loan
originator licensed by the application State.
``(2) Any individual who is deemed to have temporary
authority to act as a loan originator in an application State
pursuant to this section and who engages in residential
mortgage loan origination activities shall be subject to the
requirements of this title and to applicable State law to the
same extent as if such individual was a State-licensed loan
originator licensed by the application State.
``(d) Definitions.--In this section, the following definitions
shall apply:
``(1) State-licensed mortgage company.--The term `State-
licensed mortgage company' means an entity licensed or
registered under the law of any State to engage in residential
mortgage loan origination and processing activities.
``(2) Application state.--The term `application State'
means a State in which a registered loan originator or a State-
licensed loan originator seeks to be licensed.''.
(b) Table of Contents Amendment.--The table of contents in section
1(b) of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501
note) is amended by inserting after the item relating to section 1517
the following:
``Sec. 1518. Employment transition of loan originators.''.
SEC. 2. AMENDMENT TO CIVIL LIABILITY OF THE BUREAU AND OTHER OFFICIALS.
Section 1513 of the S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5112) is amended by striking ``are loan originators or are
applying for licensing or registration as loan originators'' and
inserting ``are applying for licensing or registration using the
Nationwide Mortgage Licensing System and Registry''.
SEC. 3. EFFECTIVE DATE.
This Act and the amendments made by this Act shall take effect on
the date that is 18 months after the date of the enactment of this Act.
Union Calendar No. 454
114th CONGRESS
2d Session
H. R. 2121
[Report No. 114-584]
_______________________________________________________________________
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.
_______________________________________________________________________
May 23, 2016
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed