§ 5106. System of registration administration by Federal agencies

Footnotes

1. 1 So in original. The comma probably should not appear.

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 § 1507 · 122 Stat. 2654

   Enacted · 12 U.S.C. § 5106

   Pub. L. 110–289, div. A, title V, § 1507, July 30, 2008, 122 Stat. 2817

   Source evidence

   Code source credit
   Pub. L. 110–289, div. A, title V, § 1507, July 30, 2008, 122 Stat. 2817

   Enacted provision · exact public law section
   SEC. 1507. SYSTEM OF REGISTRATION ADMINISTRATION BY FEDERAL AGENCIES. (a) Development.— (1) In general.— The Federal banking agencies shall jointly, through the Federal Financial Institutions Examination Council, and together with the Farm Credit Administration, develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. Deadline. The system shall be implemented before the end of the 1-year period beginning on the date of enactment of this title. (2) Registration requirements.— In connection with the registration of any loan originator under this subsection, the appropriate Federal banking agency and the Farm Credit Administration shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the employees’s identity, including— (A) fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a State and national criminal history background check; and (B) personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction. (b) Coordination.— (1) Unique identifier.— The Federal banking agencies, through the Financial Institutions Examination Council, and the Farm Credit Administration shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each registered loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators. (2) Nationwide mortgage licensing system and registry development.— To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Federal banking agencies, through the Financial Institutions Examination Council, and the Farm Credit Administration concerning the development and operation, by such System and Registry, of the registration functionality and data requirements for loan originators. (c) Consideration of Factors and Procedures.— In establishing the registration procedures under subsection (a) and the protocols for assigning a unique identifier to a registered loan originator, the Federal banking agencies shall make such de minimis exceptions as may be appropriate to paragraphs (1)(A) and (2) of section 1504(a), shall make reasonable efforts to utilize existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent with the purposes of this title.

2. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1100(5)(A)(i) · 124 Stat. 1376

   1. Added · 12 U.S.C. § 5106(a)(1)

      Pub. L. 111–203, § 1100(5)(A)(i), added par. (1)

   2. Struck · 12 U.S.C. § 5106(a)(1)

      Pub. L. 111–203, § 1100(5)(A)(i), struck out former par. (1). Prior to amendment, text read as follows: “The Federal banking agencies shall jointly, through the Federal Financial Institutions Examination Council, and together with the Farm Credit Administration, develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. The system shall be implemented before the end of the 1-year period beginning on July 30, 2008.”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 111–203, § 1100(5)(A)(i), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “The Federal banking agencies shall jointly, through the Federal Financial Institutions Examination Council, and together with the Farm Credit Administration, develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. The system shall be implemented before the end of the 1-year period beginning on July 30, 2008.”

   Enacted provision · exact public law section
   (i) by striking paragraph (1) and inserting the following: “(1) In general.— The Bureau shall develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing Deadline. System and Registry. The system shall be implemented before the end of the 1-year period beginning on the date of enactment of the Consumer Financial Protection Act of 2010.” ; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

3. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1100(5)(A)(ii) · 124 Stat. 1376

   1. Substituted · 12 U.S.C. § 5106(a)(2)

      Pub. L. 111–203, § 1100(5)(A)(ii), in introductory provisions, substituted “Bureau” for “appropriate Federal banking agency and the Farm Credit Administration”

   2. Substituted · 12 U.S.C. § 5106(a)(2)

      Pub. L. 111–203, § 1100(5)(A)(ii), in introductory provisions, substituted “identity of the employee” for “employees’s identity”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 111–203, § 1100(5)(A)(ii), in introductory provisions, substituted “Bureau” for “appropriate Federal banking agency and the Farm Credit Administration” and “identity of the employee” for “employees’s identity”.

   Enacted provision · exact public law section
   (ii) in paragraph (2)— (I) by striking “appropriate Federal banking agency and the Farm Credit Administration” and inserting “Bureau”; and (II) by striking “employees’s identity” and inserting “identity of the employee”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

4. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1100(5)(B) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 5106(b)

   Pub. L. 111–203, § 1100(5)(B), which directed substitution of “and the Bureau of Consumer Financial Protection” for “through the Financial Institutions Examination Council, and the Farm Credit Administration”, was executed in both places those words appeared, to reflect the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 111–203, § 1100(5)(B), which directed substitution of “and the Bureau of Consumer Financial Protection” for “through the Financial Institutions Examination Council, and the Farm Credit Administration”, was executed in both places those words appeared, to reflect the probable intent of Congress.

   Enacted provision · exact public law section
   (B) in subsection (b), by striking “through the Financial Institutions Examination Council, and the Farm Credit Administration”, and inserting “and the Bureau of Consumer Financial Protection”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

5. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1100(2) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 5106(b)(1); 12 U.S.C. § 5106(b)(2); 12 U.S.C. § 5106(b)(c)

   Pub. L. 111–203, § 1100(2), substituted “Bureau” for “Federal banking agencies”

   Source evidence

   Code amendment note
   Subsecs. (b)(1), (2), (c). Pub. L. 111–203, § 1100(2), substituted “Bureau” for “Federal banking agencies”.

   Enacted provision · exact public law section
   (2) by 12 USC 5102, 5106. striking “Federal banking agencies” each place that term appears and inserting “Bureau”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

7 of 7 references resolved to an enrolled provision