SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5108 — Backup authority to establish a nationwide mortgage licensing and registry system
SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.), §5108 Backup authority to establish a nationwide mortgage licensing and registry system. 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.) § 5108 — Backup authority to establish a nationwide mortgage licensing and registry system — 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. §5108 — Backup authority to establish a nationwide mortgage licensing and registry system
If at any time the Director determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
12 U.S.C. §5108 note — source credit and editorial notes (not statute text)
(Pub. L. 110–289, div. A, title V, § 1509, July 30, 2008, 122 Stat. 2819; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.) Editorial Notes Amendments 2010—Pub. L. 111–203 substituted “Director” for “Secretary” in two places. Statutory Notes and Related Subsidiaries Effective Date of 2010 Amendment Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
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