Page:United States Statutes at Large Volume 122.djvu/2842

 12 2 STA T . 2 8 1 9PUBLIC LA W 11 0– 289 —J UL Y3 0, 2008 asenforc e m en t act i ons an d ot h er re l e v ant information , to the N ation w ide M ort g age L icensing Sy stem and R egistry .(4)T he State loan originator s up ervisory authority has a process in place for challenging information contained in the Nationwide Mortgage Licensing System and Registry. ( 5 ) The State loan originator supervisory authority has esta b lished a mechanism to assess civil money penalties for individuals acting as mortgage originators in their State with - out a valid license or registration. ( 6 ) The State loan originator supervisory authority has established minimum net worth or surety bonding re q uirements that reflect the dollar amount of loans originated by a residen- tial mortgage loan originator, or has established a recovery fund paid into by the loan originators. (e) T EMPORA R YEXT E NSI ONO FP ERIO D . — The Secretary may e x tend, by not more than 2 4 months, the 1 -year or 2-year period, as the case may be, referred to in subsection (a) for the licensing of loan originators in any State under a State licensing law that meets the requirements of sections 15 0 5 and 1506 and subsection (d) if the Secretary determines that such State is ma k ing a good faith effort to establish a State licensing law that meets such requirements, license mortgage originators under such law, and register such originators with the Nationwide Mortgage Licensing System and Registry. SEC.1509 . BA C KUP AU THORI T Y TO ESTAB L ISH A N ATION W I D E M ORT -G AGE LICENSING AND REGISTRY SYSTEM. I f at any time the Secretary determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this title for a comprehensive licensing, supervisory, and tracking system for loan originators, the Secretary shall establish and maintain such a system to carry out the purposes of this title and the effective registration and regulation of loan originators. SEC. 1510. F EES. The F ederal banking agencies, the Farm C redit A dministration, the Secretary, and the Nationwide Mortgage Licensing System and Registry may charge reasonable fees to cover the costs of maintaining and providing access to information from the Nation- wide Mortgage Licensing System and Registry, to the extent that such fees are not charged to consumers for access to such system and registry. SEC. 1511. BACKGROUND CHECKS OF LOAN ORIGINATORS. (a) A C CESS TO RECORDS.—Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney G eneral shall provide access to all criminal history information to the appropriate State officials responsible for regu- lating State-licensed loan originators to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators. (b) A G ENT.—For the purposes of this section and in order to reduce the points of contact which the Federal B ureau of Investiga- tion may have to maintain for purposes of subsection (a), the Conference of State Bank Supervisors or a wholly owned subsidiary may be used as a channeling agent of the States for requesting 12USC5 11 0. 12 USC 510 9 . 12 USC 510 8.

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