Title 12 — Banks and Banking
Chapter 51 — Secure and Fair Enforcement for Mortgage Licensing
§ 5101. Purposes and methods for establishing a mortgage licensing system and registry
Statutory text
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
Provides uniform license applications and reporting requirements for State-licensed loan originators.
Provides a comprehensive licensing and supervisory database.
Aggregates and improves the flow of information to and between regulators.
Provides increased accountability and tracking of loan originators.
Streamlines the licensing process and reduces the regulatory burden.
Enhances consumer protections and supports anti-fraud measures.
Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Pub. L. 110–289 div. A title V § 1502 · 122 Stat. 2654
Enacted · 12 U.S.C. § 5101
(Pub. L. 110–289, div. A, title V, § 1502, July 30, 2008, 122 Stat. 2810.)
Source evidence
Code source credit
(Pub. L. 110–289, div. A, title V, § 1502, July 30, 2008, 122 Stat. 2810.)Enacted provision · exact public law section
SEC. 1502. PURPOSES AND METHODS FOR ESTABLISHING A MORTGAGE LICENSING SYSTEM AND REGISTRY. In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives: (1) Provides uniform license applications and reporting requirements for State-licensed loan originators. (2) Provides a comprehensive licensing and supervisory database. (3) Aggregates and improves the flow of information to and between regulators. (4) Provides increased accountability and tracking of loan originators. (5) Streamlines the licensing process and reduces the regulatory burden. (6) Enhances consumer protections and supports anti-fraud measures. (7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators. (8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer. (9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending. (10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Short Title of 2015 Amendment
Pub. L. 114–94, div. G, title LXXXVIII, § 88001, , 129 Stat. 1799, provided that: “This title [amending section 5110 of this title] may be cited as the ‘State Licensing Efficiency Act of 2015’.”
Short Title
Pub. L. 110–289, div. A, title V, § 1501, , 122 Stat. 2810, provided that: “This title [enacting this chapter] may be cited as the ‘Secure and Fair Enforcement for Mortgage Licensing Act of 2008’ or ‘S.A.F.E. Mortgage Licensing Act of 2008’.”
Credits
(Pub. L. 110–289, div. A, title V, § 1502, , 122 Stat. 2810.)