12 U.S.C. § 5117 — Employment transition of loan originators
submitted 8 years ago by Pub. L. 110-289 to r/title-12-BANKS-AND-BANKING · 746 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In this section:
The term “application State” means a State in which a registered loan originator* or a State-licensed loan originator seeks to be licensed.
The term “State-licensed mortgage company” means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.
Upon becoming employed 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—
has not had—
an application for a loan originator license denied; or
a loan originator license revoked or suspended in any governmental jurisdiction;
has not been subject to, or served with, a cease and desist order—
in any governmental jurisdiction; or
under section 5113(c) of this title;
has not been convicted of a misdemeanor or felony that would preclude licensure under the law of the application State;
has submitted an application to be a State-licensed loan originator in the application State; and
was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 1-year period preceding the date on which the information required under section 5104(a) of this title is submitted.
The period described in this paragraph shall begin on the date on which an individual described in paragraph (1) submits the information required under section 5104(a) of this title and shall end on the earliest of the date—
on which the individual withdraws the application to be a State-licensed loan originator in the application State;
on which the application State denies, or issues a notice of intent to deny, the application;
on which the application State grants a State license; or
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.
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—
meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (b)(1);
is employed by a State-licensed mortgage company in the application State; and
was licensed in a State that is not the application State during the 30-day period preceding the date on which the information required under section 5104(a) of this title was submitted in connection with the application submitted to the application State.
The period described in this paragraph shall begin on the date on which the State-licensed loan originator submits the information required under section 5104(a) of this title in connection with the application submitted to the application State and end on the earliest of the date—
on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;
on which the application State denies, or issues a notice of intent to deny, the application;
on which the application State grants a State license; or
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.
Any person* employing an individual who is deemed to have temporary authority to act as a loan originator in an application State under this section shall be subject to the requirements of this chapter and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.
Any individual who is deemed to have temporary authority to act as a loan originator in an application State under this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this chapter and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.
Source credit: (Pub. L. 110–289, div. A, title V, § 1518, as added Pub. L. 115–174, title I, § 106(a), May 24, 2018, 132 Stat. 1302.)
- 2018Enacted · Pub. L. 110-289 · 132 Stat. 1302
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-289 on 2018-05-24.
all 0 arguments · sorted by: best
no arguments yet — make the first case