#aaeth ,,congress #b;d ,session ,h4 ,r4 #cigh ,,an ,,act ,to amend the ,real ,estate ,settlement ,procedures ,act of #aigd to modify requirements related to mortgage disclosures1 and for other purposes4 #a4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,table of contents4 ,sec4 #b4 ,securities and ,exchange ,commission ,reserve ,fund4 ,title ,i--,,trid ,improvement ,sec4 #aja4 ,amendments to mortgage disclosure requirements4 ,title ,,ii--,protection of ,source ,code ,sec4 #bja4 ,procedure for obtaining certain intellectual property4 ,title ,,iii--,fostering ,innovation ,sec4 #cja4 ,temporary exemption for low-revenue issuers4 ,title ,,iv--,national ,securities ,exchange ,regulatory ,parity ,sec4 #dja4 ,nationally traded securities exemption4 ,title ,v--,eliminating barriers to jobs for loan originators ,sec4 #eja4 ,eliminating barriers to jobs for loan originators4 ,sec4 #ejb4 ,amendment to civil liability of the ,bureau and other officials4 ,sec4 #ejc4 ,effective date4 #b4 ,securities and ,exchange ,commission ,reserve ,fund ,notwithstanding section #d7;i77#b77;,b77i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7i77#b77;,b77i771 the amount deposited in the ,securities and ,exchange ,commission ,reserve ,fund for fiscal year #bjah may not exceed #dh1jjj1jjj4 ,i ,,trid ,improvement #aja4 ,amendments to mortgage disclosure requirements ,section #d7;a7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjc7;a77 is amended-- 7#a7 by striking itemize all charges and inserting itemize all actual charges2 7#b7 by striking and all charges imposed upon the seller in connection with the settlement and and inserting and the seller in connection with the settlement4 ,such forms2 and 7#c7 by inserting after or both4 the following new sentence3 ,charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy1 subject to any discounts as required by ,state regulation or the title company rate filings44 ,,ii ,protection of ,source ,code #bja4 ,procedure for obtaining certain intellectual property 7a7 ,persons under ,securities ,act of #aicc ,section #h of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h7 is amended by adding at the end the following3 7g7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title a person to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code1 to the ,commission unless the ,commission first issues a subpoena4 4 7b7 ,persons under the ,securities ,exchange ,act of #aicd ,section #bc of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghw7 is amended by adding at the end the following3 7e7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title a person to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code1 to the ,commission unless the ,commission first issues a subpoena4 4 7c7 ,investment ,companies ,section #ca of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#cj7 is amended by adding at the end the following3 7e7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title an investment company to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code1 to the ,commission unless the ,commission first issues a subpoena4 4 7d7 ,investment ,advisers ,section #bjd of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#d7 is amended-- 7#a7 by adding at the end the following3 7f7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title an investment adviser to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code1 to the ,commission unless the ,commission first issues a subpoena4 2 and 7#b7 in the second subsection 7d71 by striking 7d7 and inserting 7e74 ,,iii ,fostering ,innovation #cja4 ,temporary exemption for low-revenue issuers ,section #djd of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbfb7 is amended by adding at the end the following3 7d7 ,temporary exemption for low-,revenue issuers 7#a7 ,low-revenue exemption ,subsection 7b7 shall not apply with respect to an audit report prepared for an issuer that-- 7,a7 ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the ,securities ,act of #aicc2 7,b7 had average annual gross revenues of less than #ej1jjj1jjj as of its most recently completed fiscal year2 and 7,c7 is not a large accelerated filer4 7#b7 ,expiration of temporary exemption ,an issuer ceases to be eligible for the exemption described under paragraph 7#a7 at the earliest of-- 7,a7 the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the ,securities ,act of #aicc2 7,b7 the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed #ej1jjj1jjj2 or 7,c7 the date on which the issuer becomes a large accelerated filer4 7#c7 ,definitions ,for purposes of this subsection3 7,a7 ,average annual gross revenues ,the term average annual gross revenues means the total gross revenues of an issuer over its most recently completed three fiscal years divided by three4 7,b7 ,emerging growth company ,the term emerging growth company has the meaning given such term under section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c74 7,c7 ,large accelerated filer ,the term large accelerated filer has the meaning given that term under section #bdj4ab;b-#b of title #ag1 ,code of ,federal ,regulations1 or any successor thereto4 4 ,,iv ,national ,securities ,exchange ,regulatory ,parity #dja4 ,nationally traded securities exemption ,section #ah7;b77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is amended-- 7#a7 by striking subparagraph 7,a72 7#b7 in subparagraph 7,b7-- 7,a7 by inserting a security designated as qualified for trading in the national market system pursuant to section #aa;,a7a77#b7 of the ,securities ,exchange ,act of #aicd that is before listed2 and 7,b7 by striking that has listing standards that the ,commission determines by rule 7on its own initiative or on the basis of a petition7 are substantially similar to the listing standards applicable to securities described in subparagraph 7,a72 7#c7 in subparagraph 7,c71 by striking or 7,b72 and 7#d7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,a7 and 7,b71 respectively4 ,v ,eliminating barriers to jobs for loan originators #eja4 ,eliminating barriers to jobs for loan originators 7a7 ,in general ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended by adding at the end the following3 #aeah4 ,employment transition of loan originators 7a7 ,temporary authority ,to originate loans for loan originators moving from a depository institution to a non-,depository institution 7#a7 ,in general ,upon employment by a ,state-licensed mortgage company1 an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the individual-- 7,a7 has not had an application for a loan originator license denied1 or had such a license revoked or suspended in any governmental jurisdiction2 7,b7 has not been subject to or served with a cease and desist order in any governmental jurisdiction or as described in section #aead7;c72 7,c7 has not been convicted of a felony that would preclude licensure under the law of the application ,state2 7,d7 has submitted an application to be a ,state-licensed loan originator in the application ,state2 and 7,e7 was registered in the ,nationwide ,mortgage ,licensing ,system and ,registry as a loan originator during the #ab-month period preceding the date of submission of the information required under section #aeje7;a74 7#b7 ,period ,the period described in paragraph 7#a7 shall begin on the date that the individual submits the information required under section #aeje7;a7 and shall end on the earliest of-- 7,a7 the date that the individual withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date that the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date that the application ,state grants a ,state license2 or 7,d7 the date that is #abj days after the date on which the individual submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7b7 ,temporary authority ,to originate loans for ,state-,licensed loan originators moving interstate 7#a7 ,in general ,a ,state-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the ,state-licensed loan originator-- 7,a7 meets the requirements of subparagraphs 7,a71 7,b71 7,c71 and 7,d7 of subsection 7a77#a72 7,b7 is employed by a ,state-licensed mortgage company in the application ,state2 and 7,c7 was licensed in a ,state that is not the application ,state during the #cj-;day period preceding the date of submission of the information required under section #aeje7;a7 in connection with the application submitted to the application ,state4 7#b7 ,period ,the period described in paragraph 7#a7 shall begin on the date that the ,state-licensed loan originator submits the information required under section #aeje7;a7 in connection with the application submitted to the application ,state and end on the earliest of-- 7,a7 the date that the ,state-licensed loan originator withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date that the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date that the application ,state grants a ,state license2 or 7,d7 the date that is #abj days after the date on which the ,state-licensed loan originator submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7c7 ,applicability 7#a7 ,any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application ,state pursuant to this section shall be subject to the requirements of this title and to applicable ,state law to the same extent as if such individual was a ,state-licensed loan originator licensed by the application ,state4 7#b7 ,any individual who is deemed to have temporary authority to act as a loan originator in an application ,state pursuant to this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable ,state law to the same extent as if such individual was a ,state-licensed loan originator licensed by the application ,state4 7d7 ,definitions ,in this section1 the following definitions shall apply3 7#a7 ,state-licensed mortgage company ,the term ,state-licensed mortgage company means an entity licensed or registered under the law of any ,state to engage in residential mortgage loan origination and processing activities4 7#b7 ,application ,state ,the term application ,state means a ,state in which a registered loan originator or a ,state-licensed loan originator seeks to be licensed4 4 7b7 ,table of contents amendment ,the table of contents in section #a7;b7 of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #deja note7 is amended by inserting after the item relating to section #aeag the following3 ,sec4 #aeah4 ,employment transition of loan originators4 4 #ejb4 ,amendment to civil liability of the ,bureau and other officials ,section #aeac of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaab7 is amended by striking are loan originators or are applying for licensing or registration as loan originators4 and inserting have applied1 are applying1 or are currently licensed or registered through the ,nationwide ,mortgage ,licensing ,system and ,registry4 ,the previous sentence shall only apply to persons in an industry with respect to which persons were licensed or registered through the ,nationwide ,mortgage ,licensing ,system and ,registry on the date of the enactment of this sentence44 #ejc4 ,effective date ,this title and the amendments made by this title shall take effect on the date that is #ah months after the date of the enactment of this ,act4 ,passed the ,house of ,representatives ,february #ad1 #bjah4;,clerk4