#aad? ,,congress  #b;d ,session  ,h4 ,r4
 #baba  ,,an ,,act  ,to am5d !          
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh to provide a tempor>y lic5se =    
loan orig9ators transition+ betwe5      
employ]s1 & = o!r purposes4  #a4        
,elim9at+ b>ri]s to jobs = loan         
orig9ators  7a7 ,9 g5]al ,! ,s4,a4,f4,e4
 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab    
,u4,s4,c4 #eaja et seq47 is am5d$ by    
add+ at ! end ! foll[+3  #aeah4         
,employm5t transition ( loan orig9ators 
7a7 ,tempor>y au?ority ,to orig9ate     
loans = loan orig9ators mov+ f a        
depository in/itution to a              
non-,depository in/itution  7#a7 ,9     
g5]al ,^u employm5t by a ,/ate-lic5s$   
mortgage company1 an individual :o is a 
regi/]$ loan orig9ator %all be deem$ to 
h tempor>y au?ority to act z a loan     
orig9ator 9 an application ,/ate = !    
p]iod describ$ 9 p>agraph 7#b7 if !     
individual--  7,a7 has n _h an          
application = a loan orig9ator lic5se   
d5i$1 or _h su* a lic5se revok$ or      

susp5d$ 9 any gov]nm5tal jurisdiction2  
7,b7 has n be5 subject to or s]v$ ) a   
cease & desi/ ord] 9 any gov]nm5tal     
jurisdiction or z describ$ 9 section    
#aead7;c72  7,c7 has n be5 convict$ ( a 
felony t w\ld preclude lic5sure "u ! law
 ( ! application ,/ate2  7,d7 has       
submitt$ an application to be a         
,/ate-lic5s$ loan orig9ator 9 !         
application ,/ate2 &  7,e7 0 regi/]$ 9 !
 ,nationwide ,mortgage ,lic5s+ ,sy/em & 
,regi/ry z a loan orig9ator dur+ !      
#ab-mon? p]iod prec$+ ! date (          
submission ( ! in=mation requir$ "u     
section #aeje7;a74  7#b7 ,p]iod ,! p]iod
 describ$ 9 p>agraph 7#a7 %all beg9 on !
 date t ! individual submits ! in=mation
 requir$ "u section #aeje7;a7 & %all end
 on ! e>lie/ (--  7,a7 ! date t !       
individual )draws ! application to be a 
,/ate-lic5s$ loan orig9ator 9 !         
application ,/ate2  7,b7 ! date t !     
application ,/ate d5ies1 or issues a    
notice ( int5t to d5y1 ! application2   
7,c7 ! date t ! application ,/ate grants

 a ,/ate lic5se2 or  7,d7 ! date t is   
#abj days aft] ! date on :i* !          
individual submits ! application1 if !  
application is li/$ on ! ,nationwide    
,mortgage ,lic5s+ ,sy/em & ,regi/ry z   
incomplete4  7b7 ,tempor>y au?ority ,to 
orig9ate loans = ,/ate-,lic5s$ loan     
orig9ators mov+ int]/ate  7#a7 ,9 g5]al 
,a ,/ate-lic5s$ loan orig9ator %all be  
deem$ to h tempor>y au?ority to act z a 
loan orig9ator 9 an application ,/ate = 
! p]iod describ$ 9 p>agraph 7#b7 if !   
,/ate-lic5s$ loan orig9ator-- 7,a7 meets
 ! requirem5ts ( subp>agraphs 7,a71     
7,b71 7,c71 & 7,d7 ( subsection 7a77#a72
  7,b7 is employ$ by a ,/ate-lic5s$     
mortgage company 9 ! application ,/ate2 
&  7,c7 0 lic5s$ 9 a ,/ate t is n !     
application ,/ate dur+ ! #cj-;day p]iod 
prec$+ ! date ( submission ( ! in=mation
 requir$ "u section #aeje7;a7 9         
connection ) ! application submitt$ to !
 application ,/ate4  7#b7 ,p]iod ,!     
p]iod describ$ 9 p>agraph 7#a7 %all beg9
 on ! date t ! ,/ate-lic5s$ loan        

orig9ator submits ! in=mation requir$ "u
 section #aeje7;a7 9 connection ) !     
application submitt$ to ! application   
,/ate & end on ! e>lie/ (-- 7,a7 ! date 
t ! ,/ate-lic5s$ loan orig9ator )draws !
 application to be a ,/ate-lic5s$ loan  
orig9ator 9 ! application ,/ate2  7,b7 !
 date t ! application ,/ate d5ies1 or   
issues a notice ( int5t to d5y1 !       
application2  7,c7 ! date t !           
application ,/ate grants a ,/ate lic5se2
 or  7,d7 ! date t is #abj days aft] !  
date on :i* ! ,/ate-lic5s$ loan         
orig9ator submits ! application1 if !   
application is li/$ on ! ,nationwide    
,mortgage ,lic5s+ ,sy/em & ,regi/ry z   
incomplete4  7c7 ,applicability  7#a7   
,any p]son employ+ an individual :o is  
deem$ to h tempor>y au?ority to act z a 
loan orig9ator 9 an application ,/ate   
pursuant to ?is section %all be subject 
to ! requirem5ts ( ?is title & to       
applicable ,/ate law to ! same ext5t z  
if su* individual 0 a ,/ate-lic5s$ loan 
orig9ator lic5s$ by ! application ,/ate4

  7#b7 ,any individual :o is deem$ to h 
tempor>y au?ority to act z a loan       
orig9ator 9 an application ,/ate        
pursuant to ?is section & :o engages 9  
resid5tial mortgage loan orig9ation     
activities %all be subject to !         
requirem5ts ( ?is title & to applicable 
,/ate law to ! same ext5t z if su*      
individual 0 a ,/ate-lic5s$ loan        
orig9ator lic5s$ by ! application ,/ate4
  7d7 ,def9itions ,9 ?is section1 !     
foll[+ def9itions %all apply3  7#a7     
,/ate-lic5s$ mortgage company ,! t]m    
,/ate-lic5s$ mortgage company means an  
entity lic5s$ or regi/]$ "u ! law ( any 
,/ate to engage 9 resid5tial mortgage   
loan orig9ation & process+ activities4  
7#b7 ,application ,/ate ,! t]m          
application ,/ate means a ,/ate 9 :i* a 
regi/]$ loan orig9ator or a ,/ate-lic5s$
 loan orig9ator seeks to be lic5s$4  4  
7b7 ,table ( cont5ts am5dm5t ,! table ( 
cont5ts 9 section #a7;b7 ( ! ,h\s+ &    
,economic ,recov]y ,act ( #bjjh 7#db    
,u4,s4,c4 #deja note7 is am5d$ by ins]t+

 aft] ! item relat+ to section #aeag !  
foll[+3  ,sec4 #aeah4 ,employm5t        
transition ( loan orig9ators4  4  #b4   
,am5dm5t to civil liability ( ! ,bureau 
& o!r (ficials ,section #aeac ( !       
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eaab7 is am5d$ by 
/rik+ are loan orig9ators or are apply+ 
= lic5s+ or regi/ration z loan          
orig9ators & ins]t+ are apply+ = lic5s+ 
or regi/ration us+ ! ,nationwide        
,mortgage ,lic5s+ ,sy/em & ,regi/ry4    
#c4 ,effective date ,?is ,act & !       
am5dm5ts made by ?is ,act %all take     
effect on ! date t is #ah mon?s aft] !  
date ( ! enactm5t ( ?is ,act4  ,pass$ ! 
,h\se ( ,repres5tatives ,may #bc1       
#bjaf4;,cl]k4