SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5101 — Purposes and methods for establishing a mortgage licensing system and registry
SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.), §5101 Purposes and methods for establishing a mortgage licensing system and registry. Full verbatim text from the Office of the Law Revision Counsel's United States Code (USLM XML, release point 119-111).
Verbatim regulatory text
Verbatim provisions from SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5101 — Purposes and methods for establishing a mortgage licensing system and registry — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 U.S.C. §5101(1)
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
12 U.S.C. §5101(2)
(2) Provides a comprehensive licensing and supervisory database.
12 U.S.C. §5101(3)
(3) Aggregates and improves the flow of information to and between regulators.
12 U.S.C. §5101(4)
(4) Provides increased accountability and tracking of loan originators.
12 U.S.C. §5101(5)
(5) Streamlines the licensing process and reduces the regulatory burden.
12 U.S.C. §5101(6)
(6) Enhances consumer protections and supports anti-fraud measures.
12 U.S.C. §5101(7)
(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.
12 U.S.C. §5101(8)
(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.
12 U.S.C. §5101(9)
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
12 U.S.C. §5101(10)
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
12 U.S.C. §5101 note — source credit and editorial notes (not statute text)
(Pub. L. 110–289, div. A, title V, § 1502, July 30, 2008, 122 Stat. 2810.) Statutory Notes and Related Subsidiaries Short Title of 2015 Amendment Pub. L. 114–94, div. G, title LXXXVIII, § 88001, Dec. 4, 2015, 129 Stat. 1799, provided that: “This title [amending section 5110 of this title] may be cited as the ‘State Licensing Efficiency Act of 2015’.” Short Title Pub. L. 110–289, div. A, title V, § 1501, July 30, 2008, 122 Stat. 2810, provided that: “This title [enacting this chapter] may be cited as the ‘Secure and Fair Enforcement for Mortgage Licensing Act of 2008’ or ‘S.A.F.E. Mortgage Licensing Act of 2008’.”
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