Browse Arkansas Code titles and sections
12 U.S.C. § 5106 — System of registration administration by Federal agencies
Federal law — U.S. Code and appendices · legal_authorities
**(a) Development**
(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 July 21, 2010.
(2) **Registration requirements** — In connection with the registration of any loan originator under this subsection, the Bureau shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the identity of the employee, including—
(A) fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a State and national criminal history background check; and
(B) personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction.
**(b) Coordination**
(1) **Unique identifier** — The Bureau,11 So in original. The comma probably should not appear. and the Bureau of Consumer Financial Protection shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each registered loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement a
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5106
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 7ac38925269054ca7a8f2c79d31f3191b8aae775128e8a804f7fcc5f8c1b1279. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_c8f6201b89784fe977cdccf8
Source file: Laws/federal/codes/united-states-code/title-12/section-5106-system-of-registration-administration-by-federal-agencies--c8fc7a4aac.md
Pages: Not recorded – Not recorded
Passage SHA-256: 600a89521b6fabc79bcaeca05f16291ab4c9610cc694ae77f09ec9c28244481f
Source location: Title 12, Chapter 51, § 5106; chapter-051-secure-and-fair-enforcement-for-mortgage-licensing.md
Stored source content
**(a) Development**
(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 July 21, 2010.
(2) **Registration requirements** — In connection with the registration of any loan originator under this subsection, the Bureau shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the identity of the employee, including—
(A) fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a State and national criminal history background check; and
(B) personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction.
**(b) Coordination**
(1) **Unique identifier** — The Bureau,11 So in original. The comma probably should not appear. and the Bureau of Consumer Financial Protection shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each registered loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators.
(2) **Nationwide Mortgage Licensing System and Registry development** — To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Bureau,1 and the Bureau of Consumer Financial Protection concerning the development and operation, by such System and Registry, of the registration functionality and data requirements for loan originators.
**(c) Consideration of factors and procedures** In establishing the registration procedures under subsection (a) and the protocols for assigning a unique identifier to a registered loan originator, the Bureau shall make such de minimis exceptions as may be appropriate to paragraphs (1)(A) and (2) of [section 5103(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5103/a&num=0&edition=prelim), shall make reasonable efforts to utilize existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent with the purposes of this chapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Finding and purpose**
(1) **Finding** — The Congress finds that economic stabilization would be enhanced by the protection, limitation, and regulation of the terms of residential mortgage credit and the practices related to such credit, while ensuring that responsible, affordable mortgage credit remains available to consumers.
(2) **Purpose** — It is the purpose of this section and [section 1639c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639c&num=0&edition=prelim) to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive.
**(b) Duty of care**
(1) **Standard** — Subject to regulations prescribed under this subsection, each mortgage originator shall, in addition to the duties imposed by otherwise applicable provisions of State or Federal law—
(A) be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for 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.]; and
(B) include on all loan documents any unique identifier of the mortgage originator provided by the Nationwide Mortgage Licensing System and Registry.
(2) **Compliance procedures required** — The Bureau shall prescribe regulations requiring depository institutions to establish and maintain procedures reasonably designed to assure and monitor the compliance of such depository institutions, the subsidiaries of such institutions, and the employees of such institutions or subsidiarie
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1639b
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1790
TITLE 12—BANKS AND BANKING
§ 5105
the applicant’s knowledge and comprehension
in appropriate subject areas, including—
(A) ethics;
(B) Federal law and regulation pertaining
to mortgage origination;
(C) State law and regulation pertaining to
mortgage origination;
(D) Federal and State law and regulation,
including instruction on fraud, consumer
protection,
the
nontraditional
mortgage
marketplace, and fair lending issues.
(3) Minimum competence
(A) Passing score
An individual shall not be considered to
have passed a qualified written test unless
the individual achieves a test score of not
less than 75 percent correct answers to ques-
tions.
(B) Initial retests
An individual may retake a test 3 consecu-
tive times with each consecutive taking oc-
curring at least 30 days after the preceding
test.
(C) Subsequent retests
After failing 3 consecutive tests, an indi-
vidual shall wait at least 6 months before
taking the test again.
(D) Retest after lapse of license
A State-licensed loan originator who fails
to maintain a valid license for a period of 5
years or longer shall retake the test, not
taking into account any time during which
such individual is a registered loan origi-
nator.
(e) Mortgage call reports
Each mortgage licensee shall submit to the
Nationwide Mortgage Licensing System and
Registry reports of condition, which shall be in
such form and shall contain such information as
the Nationwide Mortgage Licensing System and
Registry may require.
(Pub. L. 110–289, div. A, title V, § 1505, July 30,
2008, 122 Stat. 2814.)
§ 5105. Standards for State license renewal
(a) In general
The minimum standards for license renewal
for State-licensed loan originators shall include
the following:
(1) The loan originator continues
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5106
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.