< Back to H.R. 2379 (113th Congress, 2013–2015)

Text of the Qualified Mortgage Loan Originator Transitional Authority Act of 2013

This bill was introduced on June 14, 2013, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jun 14, 2013 (Introduced).

I

113th CONGRESS

1st Session

H. R. 2379

IN THE HOUSE OF REPRESENTATIVES

June 14, 2013

(for himself, Mr. Peters of Michigan, and Mr. Gary G. Miller of California) 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 permit a transitional period of 90 days for completion of requirements for qualified registered mortgage loan originators.

1.

Short title

This Act may be cited as the Qualified Mortgage Loan Originator Transitional Authority Act of 2013 .

2.

Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders

Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5103 ) is amended—

(1)

in subsection (a), by inserting after as the case may be, the following: and except as provided in subsection (c),; and

(2)

by adding at the end the following:

(c)

Transitional authority

Notwithstanding the requirements of section 1505, an individual who complies with the submission requirements of section 1505(a) and who, within the preceding 60 days, was a registered loan originator that met the standard of being qualified described under section 129B(b)(1)(A) of the Truth in Lending Act ( 15 U.S.C. 1639b(b)(1)(A) ), may act as a loan originator during the 90-day period following such submission, under the supervision of a State-licensed firm that engages in loan origination. Upon the end of such 90-day period, the authority to act as a loan originator conveyed by this subsection shall terminate.

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