H.R. 6158 (112th): To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that courses offered by lenders for ...

...their own employees may not satisfy the pre-licensing education or continuing education requirement.

112th Congress, 2011–2013. Text as of Jul 19, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 6158

IN THE HOUSE OF REPRESENTATIVES

July 19, 2012

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that courses offered by lenders for their own employees may not satisfy the pre-licensing education or continuing education requirement.

1.

Short title

This Act may be cited as the Protecting Independence in the Education of Loan Originators Act of 2012.

2.

Limitation on educational courses

(a)

Pre-Licensing courses

Section 1505(c)(3)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5104(c)(3)(A)) is amended to read as follows:

(A)

Limitation

To maintain the independence of the approval process—

(i)

the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and

(ii)

no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).

.

(b)

Continuing education courses

Section 1506(b)(5)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5105(b)(5)(A)) is amended to read as follows:

(A)

Limitation

To maintain the independence of the approval process—

(i)

the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and

(ii)

no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).

.