Page:United States Statutes at Large Volume 122.djvu/2841

 12 2 STA T . 2 8 18 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 Examin a t i o n C o u n c i l, an d t heF a r m Credit A dmini s tration con - cernin g the de v elo p ment and operation, by such S ystem and R egistry, o f the registration functionality and data re q uire- ments for loan originators .( c ) C ONSIDERAT ION O F FA C TORS AND P ROCED U RES. —I n estab- lishing the registration procedures under subsection (a) and the protocols for assigning a unique identifier to a registered loan originator, the Federal ban k ing agencies shall make such de minimis exceptions as may be appropriate to paragraphs ( 1 )(A) and ( 2 ) of section 1 504 (a), shall make reasonable efforts to utili z e existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent w ith the purposes of this title. SEC.1508 . SEC R E TA R YOFH O U S ING AN D UR B AN DE V E L O PM ENT BAC K UP AUTHORITY TO ESTABLISH A LOAN ORIGINATOR LICENSING SYSTEM. (a) B AC K U PL ICENSIN G S Y STE M .—If, by the end of the 1-year period, or the 2-year period in the case of a State whose legislature meets only biennially, beginning on the date of the enactment of this title or at any time thereafter, the Secretary determines that a State does not have in place by law or regulation a system for licensing and registering loan originators that meets the require- ments of sections 1505 and 150 6 and subsection (d) of this section, or does not participate in the N ationwide M ortgage Licensing System and Registry, the Secretary shall provide for the establish- ment and maintenance of a system for the licensing and registration by the Secretary of loan originators operating in such State as State-licensed loan originators. (b) LICENSING AND REGISTRATION RE Q UIREMENTS.— T he system established by the Secretary under subsection (a) for any State shall meet the requirements of sections 1505 and 1506 for State- licensed loan originators. (c) U NIQUE IDENTIFIER.—The Secretary shall coordinate with the Nationwide Mortgage Licensing System and Registry to estab- lish protocols for assigning a unique identifier to each loan origi- nator licensed by the Secretary as a State-licensed loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and the publicly ad j udicated disciplinary and enforcement actions against loan origi- nators. (d) STATE LICENSING LA W REQUIREMENTS.—For purposes of this section, the law in effect in a State meets the requirements of this subsection if the Secretary determines the law satisfies the following minimum requirements

(1) A State loan originator supervisory authority is main- tained to provide effective supervision and enforcement of such law, including the suspension, termination, or nonrenewal of a license for a violation of State or Federal law. (2) The State loan originator supervisory authority ensures that all State-licensed loan originators operating in the State are registered with Nationwide Mortgage Licensing System and Registry. ( 3 ) The State loan originator supervisory authority is required to regularly report violations of such law, as well Reports.Public i nf o ma tion. S tate an d local g o v ernments. D eadlines. 12U S C5 1 07 . I nformation tec h nolog y .

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