2011 US Code
Title 12 - Banks and Banking
Chapter 51 - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING (§§ 5101 - 5116)
Section 5103 - License or registration required
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 51 - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING Sec. 5103 - License or registration required |
| Contains | section 5103 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 110-289, div. A, title V, §1504, July 30, 2008, 122 Stat. 2814. |
| Statutes at Large Reference | 122 Stat. 2814 |
| Public Law Reference | Public Law 110-289 |
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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 underwritersA 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 contractorsAn 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.
(Pub. L. 110–289, div. A, title V, §1504, July 30, 2008, 122 Stat. 2814.)
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