§ 5103. License or registration required

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.

1. 2008

   Secure and Fair Enforcement for Mortgage Licensing Act of 2008

   Pub. L. 110–289 div. A title V § 1504 · 122 Stat. 2654

   Enacted · 12 U.S.C. § 5103

   (Pub. L. 110–289, div. A, title V, § 1504, July 30, 2008, 122 Stat. 2814.)

   Source evidence

   Code source credit
   (Pub. L. 110–289, div. A, title V, § 1504, July 30, 2008, 122 Stat. 2814.)

   Enacted provision · exact public law section
   SEC. 1504. LICENSE OR REGISTRATION REQUIRED. (a) In General.— Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first— (1) obtaining, and maintaining annually— (A) a registration as a registered loan originator; or (B) a license and registration as a State-licensed loan originator; and (2) obtaining a unique identifier. (b) Loan Processors and Underwriters.— (1) Supervised loan processors and underwriters.— A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator. (2) Independent contractors.— An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.

1 of 1 references resolved to an enrolled provision