Qualified Mortgage Loan Originator Transitional Authority Act of 2013

Qualified Mortgage Loan Originator Transitional Authority Act of 2013 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 with respect to the prohibition against an individual's engaging in the business of a loan originator without first obtaining (and maintaining annually) a registration as a registered loan originator or a license and registration as a state-licensed loan originator, as well as obtaining a unique identifier.

Authorizes certain individuals who are qualified registered loan originators under the Truth in Lending Act to act as a loan originator, during a 90-day period following submission of background check materials, under the supervision of a state-licensed firm that engages in loan origination. Terminates the individual's authority to act as a loan originator upon the end of such 90-day period.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2379 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2379

   To amend the S.A.F.E. Mortgage Licensing Act of 2008 to permit a 
   transitional period of 90 days for completion of requirements for 
            qualified registered mortgage loan originators.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 14, 2013

Mr. Bachus (for himself, Mr. Peters of Michigan, and Mr. Gary G. Miller 
of California) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the S.A.F.E. Mortgage Licensing Act of 2008 to permit a 
   transitional period of 90 days for completion of requirements for 
            qualified registered mortgage loan originators.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Qualified Mortgage Loan Originator 
Transitional Authority Act of 2013''.

SEC. 2. TRANSITIONAL AUTHORITY FOR QUALIFIED BANK MORTGAGE LOAN 
              ORIGINATORS TO BE EMPLOYED BY NON-BANK MORTGAGE LENDERS.

    Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5103) is amended--
            (1) in subsection (a), by inserting after ``as the case may 
        be,'' the following: ``and except as provided in subsection 
        (c),''; and
            (2) by adding at the end the following:
    ``(c) Transitional Authority.--Notwithstanding the requirements of 
section 1505, an individual who complies with the submission 
requirements of section 1505(a) and who, within the preceding 60 days, 
was a registered loan originator that met the standard of being 
qualified described under section 129B(b)(1)(A) of the Truth in Lending 
Act (15 U.S.C. 1639b(b)(1)(A)), may act as a loan originator during the 
90-day period following such submission, under the supervision of a 
State-licensed firm that engages in loan origination. Upon the end of 
such 90-day period, the authority to act as a loan originator conveyed 
by this subsection shall terminate.''.
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