Browse Arkansas Code titles and sections
15 U.S.C. § 1639b — Residential mortgage loan origination
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. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 650743a251cfd326dfbe03964e981abaf2de307f826c70bae848ed63b3f8851a. 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_f9602fb46f6bb5cf0cda7157
Source file: Laws/federal/codes/united-states-code/title-15/section-1639b-residential-mortgage-loan-origination--b7fadca25a.md
Pages: Not recorded – Not recorded
Passage SHA-256: 26fb5f8ba635911f5e92cccae0bd7057d245c488b6bd99a7a2fa1aacbdec4fa7
Source location: Title 15, Chapter 41, § 1639b; chapter-041-consumer-credit-protection.md
Stored source content
**(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 subsidiaries with the requirements of this section and the registration procedures established under section 1507 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [[12 U.S.C. 5106](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5106&num=0&edition=prelim)].
**(c) Prohibition on steering incentives**
(1) **In general** — For any residential mortgage loan, no mortgage originator shall receive from any person and no person shall pay to a mortgage originator, directly or indirectly, compensation that varies based on the terms of the loan (other than the amount of the principal).
(2) **Restructuring of financing origination fee**
(A) *In general* — For any mortgage loan, a mortgage originator may not receive from any person other than the consumer and no person, other than the consumer, who knows or has reason to know that a consumer has directly compensated or will directly compensate a mortgage originator may pay a mortgage originator any origination fee or charge except bona fide third party charges not retained by the creditor, mortgage originator, or an affiliate of the creditor or mortgage originator.
(B) *Exception* — Notwithstanding subparagraph (A), a mortgage originator may receive from a person other than the consumer an origination fee or charge, and a person other than the consumer may pay a mortgage originator an origination fee or charge, if—
(i) the mortgage originator does not receive any compensation directly from the consumer; and
(ii) the consumer does not make an upfront payment of discount points, origination points, or fees, however denominated (other than bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate of the creditor or originator), except that the Bureau may, by rule, waive or provide exemptions to this clause if the Bureau determines that such waiver or exemption is in the interest of consumers and in the public interest.
(3) **Regulations** — The Bureau shall prescribe regulations to prohibit—
(A) mortgage originators from steering any consumer to a residential mortgage loan that—
(i) the consumer lacks a reasonable ability to repay (in accordance with regulations prescribed under [section 1639c(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639c/a&num=0&edition=prelim)); or
(ii) has predatory characteristics or effects (such as equity stripping, excessive fees, or abusive terms);
(B) mortgage originators from steering any consumer from a residential mortgage loan for which the consumer is qualified that is a qualified mortgage (as defined in [section 1639c(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639c/b/2&num=0&edition=prelim)) to a residential mortgage loan that is not a qualified mortgage;
(C) abusive or unfair lending practices that promote disparities among consumers of equal credit worthiness but of different race, ethnicity, gender, or age; and
(D) mortgage originators from—
(i) mischaracterizing the credit history of a consumer or the residential mortgage loans available to a consumer;
(ii) mischaracterizing or suborning the mischaracterization of the appraised value of the property securing the extension of credit; or
(iii) if unable to suggest, offer, or recommend to a consumer a loan that is not more expensive than a loan for which the consumer qualifies, discouraging a consumer from seeking a residential mortgage loan secured by a consumer’s principal dwelling from another mortgage originator.
(4) **Rules of construction** — No provision of this subsection shall be construed as—
(A) permitting any yield spread premium or other similar compensation that would, for any residential mortgage loan, permit the total amount of direct and indirect compensation from all sources permitted to a mortgage originator to vary based on the terms of the loan (other than the amount of the principal);
(B) limiting or affecting the amount of compensation received by a creditor upon the sale of a consummated loan to a subsequent purchaser;
(C) restricting a consumer’s ability to finance, at the option of the consumer, including through principal or rate, any origination fees or costs permitted under this subsection, or the mortgage originator’s right to receive such fees or costs (including compensation) from any person, subject to paragraph (2)(B), so long as such fees or costs do not vary based on the terms of the loan (other than the amount of the principal) or the consumer’s decision about whether to finance such fees or costs; or
(D) prohibiting incentive payments to a mortgage originator based on the number of residential mortgage loans originated within a specified period of time.
**(d) Liability for violations**
(1) **In general** — For purposes of providing a cause of action for any failure by a mortgage originator, other than a creditor, to comply with any requirement imposed under this section and any regulation prescribed under this section, [section 1640 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1640&num=0&edition=prelim) shall be applied with respect to any such failure by substituting “mortgage originator” for “creditor” each place such term appears in each such subsection.11 So in original. Probably should be “in such section.”
(2) **Maximum** — The maximum amount of any liability of a mortgage originator under paragraph (1) to a consumer for any violation of this section shall not exceed the greater of actual damages or an amount equal to 3 times the total amount of direct and indirect compensation or gain accruing to the mortgage originator in connection with the residential mortgage loan involved in the violation, plus the costs to the consumer of the action, including a reasonable attorney’s fee.
**(e) Discretionary regulatory authority**
(1) **In general** — The Bureau shall, by regulations, prohibit or condition terms, acts or practices relating to residential mortgage loans that the Bureau finds to be abusive, unfair, deceptive, predatory, necessary or proper to ensure that responsible, affordable mortgage credit remains available to consumers in a manner consistent with the purposes 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), necessary or proper to effectuate the purposes 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 prevent circumvention or evasion thereof, or to facilitate compliance with such sections, or are not in the interest of the borrower.
(2) **Application** — The regulations prescribed under paragraph (1) shall be applicable to all residential mortgage loans and shall be applied in the same manner as regulations prescribed under [section 1604 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1604&num=0&edition=prelim).
**(f) Timeshare plans** This section and any regulations promulgated thereunder do not apply to an extension of credit relating to a plan described in section 101(53D) of title 11.
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
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
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) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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) Promulgation, contents, etc., of regulations** The Bureau shall prescribe regulations to carry out the purposes of this subchapter. Except with respect to the provisions of [section 1639 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639&num=0&edition=prelim) that apply to a mortgage referred to in section 1602(aa) 11 See References in Text note below. of this title, such regulations may contain such additional requirements, classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for all or any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.
**(b) Model disclosure forms and clauses; publication, criteria, compliance, etc.** The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this subchapter in conjunction with the disclosure requirements of the Real Estate Settlement Procedures Act of 1974 [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.] that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this subchapter and the Real Estate Settlement Procedures Act of 1974, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. In devising such forms,
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1604
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) 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) 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. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Ability to repay**
(1) **In general** — In accordance with regulations prescribed by the Bureau, no creditor may make a residential mortgage loan unless the creditor makes a reasonable and good faith determination based on verified and documented information that, at the time the loan is consummated, the consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance (including mortgage guarantee insurance), and assessments.
(2) **Multiple loans** — If the creditor knows, or has reason to know, that 1 or more residential mortgage loans secured by the same dwelling will be made to the same consumer, the creditor shall make a reasonable and good faith determination, based on verified and documented information, that the consumer has a reasonable ability to repay the combined payments of all loans on the same dwelling according to the terms of those loans and all applicable taxes, insurance (including mortgage guarantee insurance), and assessments.
(3) **Basis for determination** — A determination under this subsection of a consumer’s ability to repay a residential mortgage loan shall include consideration of the consumer’s credit history, current income, expected income the consumer is reasonably assured of receiving, current obligations, debt-to-income ratio or the residual income the consumer will have after paying non-mortgage debt and mortgage-related obligations, employment status, and other financial resources other than the consumer’s equity in the dwelling or real property that secures repayment of the loan. A creditor shall determine the ability of the consumer to repay using a payment schedule that fully amortizes the loan over the term of the loan.
(4) **Income verification** — A creditor making a resid
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1639c
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) Individual or class action for damages; amount of award; factors determining amount of award** Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed under this part, including any requirement under [section 1635 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1635&num=0&edition=prelim), subsection (f) or (g) of [section 1641 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1641&num=0&edition=prelim), or part D or E of this subchapter with respect to any person is liable to such person in an amount equal to the sum of—
(1) any actual damage sustained by such person as a result of the failure;
(2)
(A)
(i) in the case of an individual action twice the amount of any finance charge in connection with the transaction, (ii) in the case of an individual action relating to a consumer lease under part E of this subchapter, 25 per centum of the total amount of monthly payments under the lease, except that the liability under this subparagraph shall not be less than $200 nor greater than $2,000, (iii) in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling, twice the amount of any finance charge in connection with the transaction, with a minimum of $500 and a maximum of $5,000, or such higher amount as may be appropriate in the case of an established pattern or practice of such failures; 11 So in original. The semicolon probably should be a comma. or (iv) in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling, not less than $400 or greater than $4,000; or
(B)
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1640
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
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.
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. The source passage cites 12 U.S.C. § 5106. This identifies an authority to review, not proof of applicability.