12 U.S.C. § 5108 — Backup authority to establish a nationwide mortgage licensing and registry system
submitted 18 years ago by Pub. L. 110-289 to r/title-12-BANKS-AND-BANKING · 63 words · no verdicts yet
This section requires the Director to create and maintain a nationwide mortgage licensing and registry system if the existing system fails to meet the chapter’s requirements and purposes.
If at any time the Director* determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director must establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
If at any time the Director* determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
Source credit: (Pub. L. 110–289, div. A, title V, § 1509, July 30, 2008, 122 Stat. 2819; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)
- 2008Enacted · Pub. L. 110-289 · 122 Stat. 2819
- 2010Amended · Pub. L. 111-203 · 124 Stat. 2106
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-289 on 2008-07-30.
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