CS/CS/SB 2226--Mortgage brokering and mortgage lending.The federal Housing and Economic Recovery Act of 2008 was enacted on July 30, 2008. Title V of this act is titled the "Secure and Fair Enforcement for Mortgage Licensing Act of 2008" or "SAFE Mortgage Licensing Act of 2008" (SAFE). It requires all states have a system of licensure licensure (lī´s  nsh meeting national definitions and minimum standards
for mortgage loan originators. SAFE was enacted to provide greater
accountability and regulation of loan originators and enhance consumer
protections. It establishes regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for individuals,
rather than businesses, licensed or registered as mortgage brokers and
lenders. These individuals are collectively known as loan originators.
The legislation requires that states participate in a national licensing
registry The configuration database in all 32-bit versions of Windows that contains settings for the hardware and software in the PC it is installed in. The Registry is made up of the SYSTEM.DAT and USER.DAT files. Many settings previously stored in the WIN.INI and SYSTEM. , the National Mortgage Licensing System and Registry (Registry)
which will contain employment history, as well as disciplinary and
enforcement actions against loan originators. There are a number of
significant differences between the minimum licensing requirements under
SAFE and current Florida requirements. In addition to satisfying other
minimum requirements, the bill: requires state licensure and annual
renewal of individual loan originators, including employees of mortgage
broker and mortgage lender businesses; requires submission of
fingerprints Impressions or reproductions of the distinctive pattern of lines and grooves on the skin of human fingertips.Fingerprints are reproduced by pressing a person's fingertips into ink and then onto a piece of paper. to the Office of Financial regulation (OFR Ofr Oberfranken (German) OFR Operating and Financial Review OFR Office of the Federal Register (US NARA) OFr Old French (linguistics) OFR Optics for Research ) and the Registry; requires authorization The right or permission to use a system resource; the process of granting access. See access control. for an independent annual credit report to be reviewed by the OFR; requires license renewal annually; requires a background check, and credit check as part of the annual license renewal; modifies education requirements; restructures fees; and provides for a recovery fund paid into by the loan originators. Further, the bill provides for a transition from the current licensure system and categories of licensees to a system meeting minimum federal requirements. Subject to the Governor's veto veto [Lat.,=I forbid], power of one functionary (e.g., the president) of a government, or of one member of a group or coalition, to block the operation of laws or agreements passed or entered into by the other functionaries or members. In the U.S. powers, the effective date of this bill is October 1, 2010 except as otherwise provided. |
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