,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bcgi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ad1 #bjac ,mr4 
,ba*us 7= himself1 ,mr4 ,pet]s (        
,mi*igan1 & ,mr4 ,g>y ,g4 ,mill] (      
,cali=nia7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d !         
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh to p]mit a transitional p]iod (   
#ij days = completion ( requirem5ts =   
qualifi$ regi/]$ mortgage loan          
orig9ators4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,qualifi$ ,mortgage     
,loan ,orig9ator ,transitional ,au?ority
 ,act ( #bjac4  #b4 ,transitional       
au?ority = qualifi$ bank mortgage loan  
orig9ators to be employ$ by non-bank    
mortgage l5d]s ,section #aejd ( !       
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eajc7 is am5d$--  
7#a7 9 subsection 7a71 by ins]t+ aft] z 
! case may be1 ! foll[+3 & except z     
provid$ 9 subsection 7c712 &  7#b7 by   
add+ at ! end ! foll[+3  7c7            

,transitional au?ority ,not)/&+ !       
requirem5ts ( section #aeje1 an         
individual :o complies ) ! submission   
requirem5ts ( section #aeje7;a7 & :o1 )9
 ! prec$+ #fj days1 0 a regi/]$ loan    
orig9ator t met ! /&>d ( be+ qualifi$   
describ$ "u section #abi;,b7b77#a77;,a7 
( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4   
#afci;b7b77#a77;,a771 may act z a loan  
orig9ator dur+ ! #ij-;day p]iod foll[+  
su* submission1 "u ! sup]vision ( a     
,/ate-lic5s$ firm t engages 9 loan      
orig9ation4 ,^u ! end ( su* #ij-;day    
p]iod1 ! au?ority to act z a loan       
orig9ator convey$ by ?is subsection %all
 t]m9ate4  4