H.R. 2121 — Introduced in House

I 114th CONGRESS 1st Session H. R. 2121 IN THE HOUSE OF REPRESENTATIVES April 29, 2015 Mr. Stivers (for himself, Ms. Sewell of Alabama, Mr. Westmoreland, Mrs. Beatty, Mr. Messer, and Ms. Sinema) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between employers, and for other purposes. 1. Short title This Act may be cited as the SAFE Transitional Licensing Act of 2015. 2. Loan originator employment transitions Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103) is amended by adding at the end the following new subsection: (c) Employment transition (1) Temporary license for persons moving from a financial institution to a non-bank originator A registered loan originator shall be deemed to be a State-licensed loan originator for the 120-day period beginning on the date that a State-licensed mortgage lender, mortgage banker, or mortgage servicer, that is not a depository institution, registers with the Nationwide Mortgage Licensing System and Registry that such registered loan originator is employed by such State-licensed mortgage lender, mortgage banker, or mortgage servicer. (2) Temporary license for persons moving interstate A registered loan originator or State-licensed loan originator in one State shall be deemed to be a State-licensed loan originator in another State for the 120-day period beginning on the date that a State-licensed mortgage lender, mortgage banker, or mortgage servicer in such other State registers with the Nationwide Mortgage Licensing System and Registry that such person is employed by such State-licensed mortgage lender, mortgage banker, or mortgage servicer. (3) Federal and State recognition Registration pursuant to paragraph (1) or (2) shall fulfill any licensing and registration requirement for a loan originator pursuant to this section and any State law or regulation. (4) Applicability Any person registering a registered loan originator with the Nationwide Mortgage Licensing System and Registry under this subsection shall be subject to this Act and to applicable State law to the same extent as if such registered loan originator was licensed and registered as a State-licensed loan originator under subsection (a). .