2016 US Code
Title 12 - Banks and Banking
Chapter 51 - Secure and Fair Enforcement for Mortgage Licensing
Sec. 5101 - Purposes and methods for establishing a mortgage licensing system and registry
| 12 U.S.C. § 5101 (2016) |
| §5101. Purposes and methods for establishing a mortgage licensing system and registry |
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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. |
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(Pub. L. 110–289, div. A, title V, §1502, July 30, 2008, 122 Stat. 2810.) |
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SHORT TITLE OF 2015 AMENDMENT
Pub. L. 114–94, div. G, title LXXXVIII, §88001, Dec. 4, 2015, 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 TITLEPub. L. 110–289, div. A, title V, §1501, July 30, 2008, 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'." |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 51 - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING Sec. 5101 - Purposes and methods for establishing a mortgage licensing system and registry |
| section 5101 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 'State Licensing Efficiency Act of 2015'." 'Secure and Fair Enforcement for Mortgage Licensing Act of 2008' or 'S.A.F.E. Mortgage Licensing Act of 2008'." |
| 122 Stat. 2810 129 Stat. 1799 |
| Public Law 110-289, Public Law 114-94 |
