#aae? ,,congress  #b;d ,session  ,h4 ,r4
 #cigh  ,,an ,,act  ,to am5d ! ,real    
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd to modify requirem5ts relat$ to   
mortgage disclosures1 & = o!r purposes4 
#a4 ,table ( cont5ts ,! table ( cont5ts 
= ?is ,act is z foll[s3 ,sec4 #a4 ,table
 ( cont5ts4 ,sec4 #b4 ,securities &     
,ex*ange ,commission ,res]ve ,fund4     
,title ,i--,,trid ,improvem5t ,sec4     
#aja4 ,am5dm5ts to mortgage disclosure  
requirem5ts4 ,title ,,ii--,protection ( 
,s\rce ,code ,sec4 #bja4 ,proc$ure =    
obta9+ c]ta9 intellectual prop]ty4      
,title ,,iii--,fo/]+ ,innovation ,sec4  
#cja4 ,tempor>y exemption = l[-rev5ue   
issu]s4 ,title ,,iv--,national          
,securities ,ex*ange ,regulatory ,p>ity 
,sec4 #dja4 ,nationally trad$ securities
 exemption4 ,title ,v--,elim9at+ b>ri]s 
to jobs = loan orig9ators ,sec4 #eja4   
,elim9at+ b>ri]s to jobs = loan         
orig9ators4 ,sec4 #ejb4 ,am5dm5t to     
civil liability ( ! ,bureau & o!r       
(ficials4 ,sec4 #ejc4 ,effective date4  

#b4 ,securities & ,ex*ange ,commission  
,res]ve ,fund ,not)/&+ section          
#d7;i77#b77;,b77i7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;d7i77#b77;,b77i771 ! am\nt deposit$ 
9 ! ,securities & ,ex*ange ,commission  
,res]ve ,fund = fiscal ye> #bjah may n  
exce$ #dh1jjj1jjj4  ,i ,,trid           
,improvem5t  #aja4 ,am5dm5ts to mortgage
 disclosure requirem5ts ,section #d7;a7 
( ! ,real ,e/ate ,settlem5t ,proc$ures  
,act ( #aigd 7#ab ,u4,s4,c4 #bfjc7;a77  
is am5d$-- 7#a7 by /rik+ itemize all    
*>ges & ins]t+ itemize all actual *>ges2
  7#b7 by /rik+ & all *>ges impos$ ^u ! 
sell] 9 connection ) ! settlem5t & &    
ins]t+ & ! sell] 9 connection ) !       
settlem5t4 ,su* =ms2 &  7#c7 by ins]t+  
aft] or bo?4 ! foll[+ new s5t5ce3 ,*>ges
 = any title insurance premium disclos$ 
on su* =ms %all be equal to ! am\nt *>g$
 = ea* individual title insurance       
policy1 subject to any disc\nts z       
requir$ by ,/ate regulation or ! title  
company rate fil+s44  ,,ii ,protection (

 ,s\rce ,code  #bja4 ,proc$ure = obta9+ 
c]ta9 intellectual prop]ty  7a7 ,p]sons 
"u ,securities ,act ( #aicc ,section #h 
( ! ,securities ,act ( #aicc 7#ae       
,u4,s4,c4 #gg;h7 is am5d$ by add+ at !  
end ! foll[+3  7g7 ,proc$ure = obta9+   
c]ta9 intellectual prop]ty ,!           
,commission is n au?oriz$ to compel "u  
?is title a p]son to produce or furni%  
algori?mic trad+ s\rce code or simil>   
intellectual prop]ty t =ms ! basis =    
design ( ! algori?mic trad+ s\rce code1 
to ! ,commission unless ! ,commission   
fir/ issues a subpo5a4  4  7b7 ,p]sons  
"u ! ,securities ,ex*ange ,act ( #aicd  
,section #bc ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghw7 is    
am5d$ by add+ at ! end ! foll[+3  7e7   
,proc$ure = obta9+ c]ta9 intellectual   
prop]ty ,! ,commission is n au?oriz$ to 
compel "u ?is title a p]son to produce  
or furni% algori?mic trad+ s\rce code or
 simil> intellectual prop]ty t =ms !    
basis = design ( ! algori?mic trad+     
s\rce code1 to ! ,commission unless !   

,commission fir/ issues a subpo5a4  4   
7c7 ,inve/m5t ,companies ,section #ca ( 
! ,inve/m5t ,company ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;a-#cj7 is am5d$ by add+ at
 ! end ! foll[+3  7e7 ,proc$ure = obta9+
 c]ta9 intellectual prop]ty ,!          
,commission is n au?oriz$ to compel "u  
?is title an inve/m5t company to produce
 or furni% algori?mic trad+ s\rce code  
or simil> intellectual prop]ty t =ms !  
basis = design ( ! algori?mic trad+     
s\rce code1 to ! ,commission unless !   
,commission fir/ issues a subpo5a4  4   
7d7 ,inve/m5t ,advis]s ,section #bjd ( !
 ,inve/m5t ,advis]s ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;b-#d7 is am5d$-- 7#a7 by  
add+ at ! end ! foll[+3  7f7 ,proc$ure =
 obta9+ c]ta9 intellectual prop]ty ,!   
,commission is n au?oriz$ to compel "u  
?is title an inve/m5t advis] to produce 
or furni% algori?mic trad+ s\rce code or
 simil> intellectual prop]ty t =ms !    
basis = design ( ! algori?mic trad+     
s\rce code1 to ! ,commission unless !   
,commission fir/ issues a subpo5a4  2 & 

7#b7 9 ! second subsection 7d71 by /rik+
 7d7 & ins]t+ 7e74  ,,iii ,fo/]+        
,innovation  #cja4 ,tempor>y exemption =
 l[-rev5ue issu]s ,section #djd ( !     
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbfb7 is am5d$ by add+ at !  
end ! foll[+3  7d7 ,tempor>y exemption =
 l[-,rev5ue issu]s  7#a7 ,l[-rev5ue     
exemption ,subsection 7b7 %all n apply )
 respect to an audit report prep>$ = an 
issu] t--  7,a7 ceas$ to be an em]g+    
gr[? company on ! la/ day ( ! fiscal ye>
 ( ! issu] foll[+ ! fif? anniv]s>y ( !  
date ( ! fir/ sale ( common equity      
securities ( ! issu] pursuant to an     
effective regi/ration /atem5t "u !      
,securities ,act ( #aicc2  7,b7 _h      
av]age annual gross rev5ues ( less ?an  
#ej1jjj1jjj z ( its mo/ rec5tly complet$
 fiscal ye>2 &  7,c7 is n a l>ge        
accel]at$ fil]4  7#b7 ,expiration (     
tempor>y exemption ,an issu] ceases to  
be eligible = ! exemption describ$ "u   
p>agraph 7#a7 at ! e>lie/ (--  7,a7 !   
la/ day ( ! fiscal ye> ( ! issu] foll[+ 

! t5? anniv]s>y ( ! date ( ! fir/ sale (
 common equity securities ( ! issu]     
pursuant to an effective regi/ration    
/atem5t "u ! ,securities ,act ( #aicc2  
7,b7 ! la/ day ( ! fiscal ye> ( ! issu] 
dur+ :i* ! av]age annual gross rev5ues (
 ! issu] exce$ #ej1jjj1jjj2 or  7,c7 !  
date on :i* ! issu] becomes a l>ge      
accel]at$ fil]4  7#c7 ,def9itions ,=    
purposes ( ?is subsection3  7,a7 ,av]age
 annual gross rev5ues ,! t]m av]age     
annual gross rev5ues means ! total gross
 rev5ues ( an issu] ov] its mo/ rec5tly 
complet$ ?ree fiscal ye>s divid$ by     
?ree4  7,b7 ,em]g+ gr[? company ,! t]m  
em]g+ gr[? company has ! mean+ giv5 su* 
t]m "u section #c ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c74  7,c7 ,l>ge accel]at$ fil] ,!   
t]m l>ge accel]at$ fil] has ! mean+ giv5
 t t]m "u section #bdj4ab;b-#b ( title  
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor !reto4  4  ,,iv ,national    
,securities ,ex*ange ,regulatory ,p>ity 
#dja4 ,nationally trad$ securities      

exemption ,section #ah7;b77#a7 ( !      
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggr7b77#a77 is am5d$--  7#a7 by /rik+  
subp>agraph 7,a72  7#b7 9 subp>agraph   
7,b7--  7,a7 by ins]t+ a security       
designat$ z qualifi$ = trad+ 9 !        
national m>ket sy/em pursuant to section
 #aa;,a7a77#b7 ( ! ,securities ,ex*ange 
,act ( #aicd t is be=e li/$2 &  7,b7 by 
/rik+ t has li/+ /&>ds t ! ,commission  
det]m9es by rule 7on its own initiative 
or on ! basis ( a petition7 are         
sub/antially simil> to ! li/+ /&>ds     
applicable to securities describ$ 9     
subp>agraph 7,a72  7#c7 9 subp>agraph   
7,c71 by /rik+ or 7,b72 &  7#d7 by      
r$esignat+ subp>agraphs 7,b7 & 7,c7 z   
subp>agraphs 7,a7 & 7,b71 respectively4 
,v ,elim9at+ b>ri]s to jobs = loan      
orig9ators  #eja4 ,elim9at+ b>ri]s to   
jobs = loan orig9ators  7a7 ,9 g5]al ,! 
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is  
am5d$ 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  #ejb4 
,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  #ejc4
 ,effective date ,?is title & ! am5dm5ts
 made by ?is title %all take effect on !
 date t is #ah mon?s aft] ! date ( !    
enactm5t ( ?is ,act4  ,pass$ ! ,h\se (  
,repres5tatives ,febru>y #ad1           
#bjah4;,cl]k4