Ask AI
Bill114th CongressFiled Apr 29, 2015Housing and Community Development
H.R. 2121

SAFE Transitional Licensing Act of 2015

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house amended (May 23, 2016)

(Sec. 1) This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 (Act) to state that, upon employment by a state-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as one in an application state for a specified period if the individual:

  • has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction;
  • has not been subject to or served with a cease and desist order in any governmental jurisdiction;
  • has not been convicted of a felony that would preclude licensure under the law of the application state;
  • has applied to be a state-licensed originator in the application state; and
  • was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of the required information.

A state-licensed loan originator shall also be deemed to have temporary authority to act as a loan originator in an application state for a specified period if the loan originator: (1) meets certain requirements; (2) is employed by a state-licensed mortgage company in the application state; and (3) was licensed in another state during the 30-day period before submitting the information required in connection with the application to the application state.

Any person employing an individual deemed to have such temporary authority to act as a loan originator in an application state, and any such individual who engages in residential mortgage loan activities, shall be subject to the requirements of the Act and to state law to the same extent as if such individual was a loan originator licensed by the application state.

(Sec. 2) The exemption from civil liability of the Consumer Financial Protection Bureau (CFPB), any state official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry (or a CFPB-established system), or any officer or employee of any such entity, by reason of a good faith action or omission while acting within the scope of office or employment that relates to the collection, furnishing, or dissemination of information concerning persons applying for licensing or registration as loan originators shall be limited to any such activities involving only information concerning applicants using the Nationwide Mortgage Licensing System and Registry.

What just happenedMay 24, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Stivers, Steve [R-OH-15](R-OH)Sponsor
51 cosponsors23 D28 R
Read on Congress.gov
51cosponsors2committees16actions4related bills6subjects
  1. May 24, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. May 23, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. May 23, 2016FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2905-2906)

  4. May 23, 2016Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2905-2906)

  5. May 23, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2121.

  6. May 23, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H2905-2907)

  7. May 23, 2016FloorH30300

    Mr. Luetkemeyer moved to suspend the rules and pass the bill, as amended.

  8. May 23, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 454.

  9. May 23, 2016CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-584.

    Financial Services Committee
  10. May 23, 2016Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-584.

    Financial Services Committee
  11. Mar 2, 2016Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 0.

    Financial Services Committee
  12. Mar 2, 2016Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  13. Oct 21, 2015Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

    Consumer Protection and Financial Institutions Subcommittee
  14. Apr 29, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  15. Apr 29, 2015IntroReferralIntro-H

    Introduced in House

  16. Apr 29, 2015IntroReferral1000

    Introduced in House

Passed House amendedMay 23, 201636

(Sec. 1) This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 (Act) to state that, upon employment by a state-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as one in an application state for a specified period if the individual:

  • has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction;
  • has not been subject to or served with a cease and desist order in any governmental jurisdiction;
  • has not been convicted of a felony that would preclude licensure under the law of the application state;
  • has applied to be a state-licensed originator in the application state; and
  • was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of the required information.

A state-licensed loan originator shall also be deemed to have temporary authority to act as a loan originator in an application state for a specified period if the loan originator: (1) meets certain requirements; (2) is employed by a state-licensed mortgage company in the application state; and (3) was licensed in another state during the 30-day period before submitting the information required in connection with the application to the application state.

Any person employing an individual deemed to have such temporary authority to act as a loan originator in an application state, and any such individual who engages in residential mortgage loan activities, shall be subject to the requirements of the Act and to state law to the same extent as if such individual was a loan originator licensed by the application state.

(Sec. 2) The exemption from civil liability of the Consumer Financial Protection Bureau (CFPB), any state official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry (or a CFPB-established system), or any officer or employee of any such entity, by reason of a good faith action or omission while acting within the scope of office or employment that relates to the collection, furnishing, or dissemination of information concerning persons applying for licensing or registration as loan originators shall be limited to any such activities involving only information concerning applicants using the Nationwide Mortgage Licensing System and Registry.

Introduced in HouseApr 29, 2015

SAFE Transitional Licensing Act of 2015

This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to provide a temporary license of 120 days for registered loan originators: (1) moving from a financial institution to a state-licensed non-bank originator, or (2) moving interstate to a state-licensed loan originator in another state.

Any person registering a registered loan originator with the Nationwide Mortgage Licensing System and Registry shall be subject to this Act and to applicable state law to the same extent as if that registered loan originator was licensed and registered as a state-licensed loan originator.

SAFE Transitional Licensing Act of 2015 — Informed