,,ib  ,union ,cal5d> ,no4 #dad  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #bidh
  ,report ,no4 #aae-eeb  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,june #bj1 #bjag  
,mr4 ,/iv]s 7= himself1 ,mrs4 ,beatty1  
,ms4 ,s9ema1 & ,mr4 ,poliqu97 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,f9ancial ,s]vices        
,febru>y #ac1 #bjah ,additional         
sponsors3 ,mrs4 ,com/ock1 ,mr4 ,emm]1   
,mr4 ,delaney1 ,ms4 ,sewell ( ,alabama1 
,mr4 ,williams1 ,ms4 ,br[nley (         
,cali=nia1 ,mrs4 ,c>olyn ,b4 ,maloney ( 
,new ,york1 ,mr4 ,mess]1 ,mr4 ,%]man1   
,mr4 ,b>r1 ,mr4 ,david ,scott (         
,georgia1 ,mrs4 ,napolitano1 ,mr4       
,meeks1 ,ms4 ,moore1 ,ms4 ,mi*elle      
,lujan ,gri%am ( ,new ,mexico1 ,mr4     
,c(fman1 ,mr4 ,got!im]1 ,mr4 ,sean      
,patrick ,maloney ( ,new ,york1 ,mr4    
,pet]s1 ,mr4 ,brooks ( ,alabama1 ,mr4   
,himes1 ,mr4 ,fitzpatrick1 ,mr4 ,fo/]1  
,mr4 ,p]lmutt]1 ,ms4 ,blunt ,ro*e/]1    
,mr4 ,huiz5ga1 ,mr4 ,l>son (            
,connecticut1 ,mr4 ,cri/1 ,mr4 ,kihu51  

,mr4 ,hultgr51 ,mr4 ,lucas1 ,mr4 ,posey1
 ,mr4 ,ross1 ,mr4 ,budd1 ,mr4 ,cleav]1  
,ms4 ,t5ney1 ,mr4 ,r5acci1 ,mr4 ,kildee1
 ,mr4 ,aguil>1 ,mr4 ,yod]1 ,mr4 ,polis1 
,mr4 ,k9d1 & ,mr4 ,lo,biondo  ,febru>y  
#ac1 #bjah ,committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union &    
ord]$ to be pr9t$  ,a ,,bill  ,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          
orig9ators4 & ins]t+ h appli$1 are      
apply+1 or are curr5tly lic5s$ or       
regi/]$ ?r\gh ! ,nationwide ,mortgage   
,lic5s+ ,sy/em & ,regi/ry4 ,! previ\s   
s5t5ce %all only apply to p]sons 9 an   
indu/ry ) respect to :i* p]sons 7 lic5s$
 or regi/]$ ?r\gh ! ,nationwide         
,mortgage ,lic5s+ ,sy/em & ,regi/ry on !
 date ( ! enactm5t ( ?is s5t5ce44  #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  ,febru>y #ac1     
#bjah ,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$