Page:United States Statutes at Large Volume 122.djvu/2837

 12 2 STA T . 2 8 1 4PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 shal l u s e u niq uei d en t i f ie r s in lieu o fso c ial securit y nu m-b ers .SEC.1504 . LI CE N SE OR RE G IS T R A TION RE QU IRE D . ( a )INGE NE RAL . —S ub j ecttothee x istence of a licensin g or registration regime , as the case may be, an indi v idual may not engage in the business of a loan originator w ithout 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) LO AN P RO C E S SORS AN DU NDER W R IT ERS.— (1) S UP ER V ISED LOAN PROCESSORS AND UNDERWRITERS.— A loan p rocessor or underwriter who does not represent to the public, through advertising or other means of commu- nicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other pro- motional 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 CONTRACTORS.—An independent con- tractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such inde- pendent contractor is a State-licensed loan originator. SEC. 1505. STATE LICENSE AND REGISTRATION A P PLICATION AND ISSUANCE. (a) BAC KG ROUND CH ECKS.—In connection with an application to any State for licensing and registration as a State-licensed loan originator, the applicant shall, at a minimum, furnish to the N ation- wide M ortgage Licensing System and R egistry information con- cerning the applicant ’ s identity, including— (1) fingerprints for submission to the F ederal Bureau of Investigation, and any governmental agency or entity author- i z ed to receive such information for a State and national criminal history bac k ground check; and (2) personal history and experience, including authorization for the System to obtain— (A) an independent credit report obtained from a con- sumer reporting agency described in section 603 (p) of the Fair Credit Reporting Act; and (B) information related to any administrative, civil or criminal findings by any governmental jurisdiction. (b) ISSUANCE O F LICENSE.— T he minimum standards for licensing and registration as a State-licensed loan originator shall include the following

(1) The applicant has never had a loan originator license revoked in any governmental jurisdiction. (2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court— (A) during the 7 -year period preceding the date of the application for licensing and registration; or (B) at any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering. 12USC5 1 04. 12 USC 510 3.

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