,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #bcgi  ,,in ,,the ,,house ,,of  
,,representatives  ,june #ad1 #bjac ,mr4
 ,bachus 7for himself1 ,mr4 ,peters of  
,michigan1 and ,mr4 ,gary ,g4 ,miller of
 ,california7 introduced the following  
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,s4,a4,f4,e4      
,mortgage ,licensing ,act of #bjjh to   
permit a transitional period of #ij days
 for completion of requirements for     
qualified registered mortgage loan      
originators4  #a4 ,short title ,this    
,act may be cited as the ,qualified     
,mortgage ,loan ,originator             
,transitional ,authority ,act of #bjac4 
#b4 ,transitional authority for         
qualified bank mortgage loan originators
 to be employed by non-bank mortgage    
lenders ,section #aejd of the           
,s4,a4,f4,e4 ,mortgage ,licensing ,act  
of #bjjh 7#ab ,u4,s4,c4 #eajc7 is       
amended--  7#a7 in subsection 7a71 by   
inserting after as the case may be1 the 

following3 and except as provided in    
subsection 7c712 and  7#b7 by adding at 
the end the following3  7c7             
,transitional authority ,notwithstanding
 the requirements of section #aeje1 an  
individual who complies with the        
submission requirements of section      
#aeje7;a7 and who1 within the preceding 
#fj days1 was a registered loan         
originator that met the standard of     
being qualified described under section 
#abi;,b7b77#a77;,a7 of the ,truth in    
,lending ,act 7#ae ,u4,s4,c4            
#afci;b7b77#a77;,a771 may act as a loan 
originator during the #ij-;day period   
following such submission1 under the    
supervision of a ,state-licensed firm   
that engages in loan origination4 ,upon 
the end of such #ij-;day period1 the    
authority to act as a loan originator   
conveyed by this subsection shall       
terminate4  4