,,ii #aaeth ,,congress #ast ,session ,s4 #agec ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #c1 #bjag,mr4 ,heller 7for himself and ,mr4 ,menendez7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh to provide a temporary license for loan originators transitioning between employers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,safe ,transitional ,license ,act4 #b4 ,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 this paragraph shall begin on the date on which the individual submits the information required under section #aeje7;a7 and shall end on the earliest of-- 7,a7 the date on which the individual withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date on which the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date on which 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 this paragraph shall begin on the date on which 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 on which the ,state-licensed loan originator withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date on which the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date on which 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 ,employer of loan originators ,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 ,engaging in mortgage loan activities ,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 ,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 7#b7 ,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 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 7c7 ,effective date ,this section and the amendments made by this section shall take effect on the date that is #ah months after the date of enactment of this ,act4