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The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1100
SEC. 1100. AMENDMENTS TO THE SECURE AND FAIR
ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2008.
The
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.)
is amended—(1) by striking ‘‘a Federal banking agency’’ each place
that term appears, other than in paragraphs (7) and (11) of
section 1503 and section 1507(a)(1), and inserting ‘‘the Bureau’’;
(2) by striking ‘‘Federal banking agencies’’ each place that
term appears and inserting ‘‘Bureau’’; and
(3) by striking
‘‘Secretary’’ each place that term appears and inserting
‘‘Director’’;
(4) in section 1503 (12 U.S.C. 5102)—
(A) by redesignating paragraphs (2) through (12) as (3) through
(13), respectively;
(B) by striking paragraph (1) and
inserting the following:
‘‘(1)
BUREAU.—The term ‘Bureau’ means the Bureau of Consumer
Financial Protection.
‘‘(2) FEDERAL
BANKING AGENCY.—The term ‘Federal banking agency’ means the
Board of Governors of the Federal Reserve System, the Office of
the Comptroller of the Currency, the National Credit Union
Administration, and the Federal Deposit Insurance Corporation.’’;
and
(C) by striking paragraph (10), as so designated by
this section, and inserting the following:
‘‘(10)
DIRECTOR.—The term ‘Director’ means
the Director of the Bureau of Consumer Financial Protection.’’;
and
(5) in section 1507 (12 U.S.C. 5106)—
(A) in
subsection (a)—
(i) by striking paragraph (1) and inserting
the following:
‘‘(1) IN GENERAL.—The
Bureau shall develop and maintain a system for registering
employees of a depository institution, employees of a subsidiary
that is owned and controlled by a depository institution and
regulated by a Federal banking agency, or employees of an
institution regulated by the Farm Credit Administration, as
registered loan originators with the Nationwide Mortgage Licensing
System and Registry.
The system shall be implemented
before the end of the 1-year period beginning on the date of
enactment of the Consumer Financial Protection Act of 2010.’’; and
(ii) in paragraph (2)—
(I) by striking ‘‘appropriate
Federal banking agency and the Farm Credit Administration’’ and
inserting ‘‘Bureau’’; and
(II) by striking ‘‘employees’s
identity’’ and inserting ‘‘identity of the employee’’; and
(B) in subsection (b), by striking ‘‘through the Financial
Institutions Examination Council, and the Farm Credit
Administration’’, and inserting ‘‘and the Bureau of Consumer
Financial Protection’’;
(6) in section 1508 (12 U.S.C.
5107)—
(A) by striking the section heading and inserting
the following: ‘‘SEC. 1508. BUREAU OF CONSUMER FINANCIAL
PROTECTION BACKUP AUTHORITY TO ESTABLISH LOAN ORIGINATOR LICENSING
SYSTEM.’’; and
(B) by adding at the end the following:
‘‘(f) REGULATION AUTHORITY.—
‘‘(1) IN GENERAL.—The Bureau is
authorized to promulgate regulations setting minimum net worth or
surety bond requirements for residential mortgage loan originators
and minimum requirements for recovery funds paid into by loan
originators.
‘‘(2) CONSIDERATIONS.—In
issuing regulations under paragraph (1), the Bureau shall take
into account the need to provide originators adequate incentives
to originate affordable and sustainable mortgage loans, as well as
the need to ensure a competitive origination market that maximizes
consumer access to affordable and sustainable mortgage loans.’’;
(7) by striking section 1510 (12 U.S.C. 5109) and inserting
the following:
‘‘SEC. 1510. FEES.
‘‘The Bureau, the Farm Credit Administration, and the
Nationwide Mortgage Licensing System and Registry may charge
reasonable fees to cover the costs of maintaining and providing
access to information from the Nationwide Mortgage Licensing
System and Registry, to the extent that such fees are not charged
to consumers for access to such system and registry.’’;
(8)
by striking section 1513 (12 U.S.C. 5112) and inserting the
following:
‘‘SEC. 1513. LIABILITY
PROVISIONS.
‘‘The Bureau, any State official or
agency, or any organization serving as the administrator of the
Nationwide Mortgage Licensing System and Registry or a system
established by the Director under section 1509, or any officer or
employee of any such entity, shall not be subject to any civil
action or proceeding for monetary damages by reason of the good
faith action or omission of any officer or employee of any such
entity, while acting within the scope of office or employment,
relating to the collection, furnishing, or dissemination of
information concerning persons who are loan originators or are
applying for licensing or registration as loan originators.’’; and
(9) in section 1514 (12 U.S.C. 5113) in the section heading,
by striking ‘‘UNDER HUD BACKUP LICENSING SYSTEM’’ and inserting
‘‘BY THE BUREAU’’.
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