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12 U.S.C. § 1750a–1 — Change of mortgagee status
Federal law — U.S. Code and appendices · legal_authorities
**(a) Notification** Upon the occurrence of any action described in subsection (b), an approved mortgagee shall immediately submit to the Secretary, in writing, notification of such occurrence.
**(b) Actions** The actions described in this subsection are as follows:
(1) The debarment, suspension or a Limited Denial of Participation (LDP), or application of other sanctions, other exclusions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable provisions of State or Federal law.
(2) The revocation of a State-issued mortgage loan originator license issued pursuant to the S.A.F.E. Mortgage Licensing Act of 2008 ([12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.) or any other similar declaration of ineligibility pursuant to State law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1750a–1
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Stable record: federal_law:legal_authorities:record_usc_bf479a3da5654c3331618027
Source file: Laws/federal/codes/united-states-code/title-12/section-1750a1-change-of-mortgagee-status--5e30e28f44.md
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Source location: Title 12, Chapter 13, § 1750a–1; chapter-013-national-housing.md
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**(a) Notification** Upon the occurrence of any action described in subsection (b), an approved mortgagee shall immediately submit to the Secretary, in writing, notification of such occurrence.
**(b) Actions** The actions described in this subsection are as follows:
(1) The debarment, suspension or a Limited Denial of Participation (LDP), or application of other sanctions, other exclusions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable provisions of State or Federal law.
(2) The revocation of a State-issued mortgage loan originator license issued pursuant to the S.A.F.E. Mortgage Licensing Act of 2008 ([12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.) or any other similar declaration of ineligibility pursuant to State law.
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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 1786
TITLE 12—BANKS AND BANKING
§ 5101
1 See References in Text note below.
mitted by the President under section 1105
of title 31 for the following fiscal year and
if so, the report shall be submitted concur-
rently to the Committee on Financial
Services of the House of Representatives
and the Committee on Banking, Housing,
and Urban Affairs of the Senate.
(B) Final report following transition
(i) In general
Following completion of the transition
from the use of compensating balances to
the use of the appropriations authorized in
subsection (b) to pay financial institutions
for their services as depositaries and finan-
cial agents of the United States, the Sec-
retary of the Treasury shall submit a re-
port on the transition to the Committee
on Financial Services of the House of Rep-
resentatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Sen-
ate.
(ii) Contents of report
The report submitted under clause (i)
shall include a detailed analysis of—
(I) the cost of transition;
(II) the direct costs of the services
being paid from the appropriations au-
thorized in subsection (b); and
(III) the benefits realized from the use
of direct payment for such services, rath-
er than the use of compensating balance
arrangements.
(d) Omitted
(e) Effective date
Notwithstanding section 20,1 this section shall
take effect on October 28, 2003.
(Pub. L. 108–100, § 19, Oct. 28, 2003, 117 Stat. 1191.)
Editorial Notes
REFERENCES IN TEXT
Section 20, referred to in subsec. (e), means section 20
of Pub. L. 108–100, which is set out as an Effective Date
note under section 5001 of this title.
CODIFICATION
Section is comprised of section 19 of Pub. L. 108–100.
Subsec. (d) of section 19 of Pub. L. 108–100 amended sec-
tion 412 of this t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5101
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 5101. This identifies an authority to review, not proof of applicability.