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12 U.S.C. § 5110 — Background checks of loan originators
Federal law — U.S. Code and appendices · legal_authorities
**(a) Access to records** Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide access to all criminal history information to the appropriate State officials responsible for regulating State-licensed loan originators and other financial service providers to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators or other financial service providers.
**(b) Agent** For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subsection (a), the Conference of State Bank Supervisors or a wholly owned subsidiary may be used as a channeling agent of the States for requesting and distributing information between the Department of Justice and the appropriate State agencies .
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Stable record: federal_law:legal_authorities:record_usc_303aa149c8ff31df1c1c0dfe
Source file: Laws/federal/codes/united-states-code/title-12/section-5110-background-checks-of-loan-originators--ee0c6e0b16.md
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Source location: Title 12, Chapter 51, § 5110; chapter-051-secure-and-fair-enforcement-for-mortgage-licensing.md
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**(a) Access to records** Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide access to all criminal history information to the appropriate State officials responsible for regulating State-licensed loan originators and other financial service providers to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators or other financial service providers.
**(b) Agent** For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subsection (a), the Conference of State Bank Supervisors or a wholly owned subsidiary may be used as a channeling agent of the States for requesting and distributing information between the Department of Justice and the appropriate State agencies .
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Federal law — U.S. Code and appendices · legal_authorities
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5101
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Federal law — U.S. Code and appendices · legal_authorities
Page 1792
TITLE 12—BANKS AND BANKING
§ 5108
originators operating in the State are reg-
istered with Nationwide Mortgage Licensing
System and Registry.
(3) The State loan originator supervisory au-
thority is required to regularly report viola-
tions of such law, as well as enforcement ac-
tions and other relevant information, to the
Nationwide Mortgage Licensing System and
Registry.
(4) The State loan originator supervisory au-
thority has a process in place for challenging
information contained in the Nationwide
Mortgage Licensing System and Registry.
(5) The State loan originator supervisory au-
thority has established a mechanism to assess
civil money penalties for individuals acting as
mortgage originators in their State without a
valid license or registration.
(6) The State loan originator supervisory au-
thority has established minimum net worth or
surety bonding requirements that reflect the
dollar amount of loans originated by a resi-
dential mortgage loan originator, or has es-
tablished a recovery fund paid into by the loan
originators.
(e) Temporary extension of period
The Director may extend, by not more than 24
months, the 1-year or 2-year period, as the case
may be, referred to in subsection (a) for the li-
censing of loan originators in any State under a
State licensing law that meets the requirements
of sections 5104 and 5105 of this title and sub-
section (d) if the Director determines that such
State is making a good faith effort to establish
a State licensing law that meets such require-
ments, license mortgage originators under such
law, and register such originators with the Na-
tionwide Mortgage Licensing System and Reg-
istry.
(f) Regulation authority
(1) In general
The Bureau is authorized to promulgate reg-
ulations s
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5110
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