SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5106 — System of registration administration by Federal agencies
SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.), §5106 System of registration administration by Federal agencies. 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.) § 5106 — System of registration administration by Federal agencies — 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. §5106(a)
(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 requirementsIn 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.
12 U.S.C. §5106(b)
(b) Coordination (1) Unique identifier The Bureau,[1] 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 actions against loan originators. (2) Nationwide Mortgage Licensing System and Registry development To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Bureau,1 and the Bureau of Consumer Financial Protection concerning the development and operation, by such System and Registry, of the registration functionality and data requirements for loan originators.
12 U.S.C. §5106(c)
(c) Consideration of factors and procedures In establishing the registration procedures under subsection (a) and the protocols for assigning a unique identifier to a registered loan originator, the Bureau shall make such de minimis exceptions as may be appropriate to paragraphs (1)(A) and (2) of section 5103(a) of this title, shall make reasonable efforts to utilize existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent with the purposes of this chapter.
12 U.S.C. §5106 note — source credit and editorial notes (not statute text)
(Pub. L. 110–289, div. A, title V, § 1507, July 30, 2008, 122 Stat. 2817; Pub. L. 111–203, title X, § 1100(2), (5), July 21, 2010, 124 Stat. 2106.) Editorial Notes Amendments 2010—Subsec. (a)(1). Pub. L. 111–203, § 1100(5)(A)(i), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “The Federal banking agencies shall jointly, through the Federal Financial Institutions Examination Council, and together with the Farm Credit Administration, 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 30, 2008.” Subsec. (a)(2). Pub. L. 111–203, § 1100(5)(A)(ii), in introductory provisions, substituted “Bureau” for “appropriate Federal banking agency and the Farm Credit Administration” and “identity of the employee” for “employees’s identity”. Subsec. (b). Pub. L. 111–203, § 1100(5)(B), which directed substitution of “and the Bureau of Consumer Financial Protection” for “through the Financial Institutions Examination Council, and the Farm Credit Administration”, was executed in both places those words appeared, to reflect the probable intent of Congress. Subsecs. (b)(1), (2), (c). Pub. L. 111–203, § 1100(2), substituted “Bureau” for “Federal banking agencies”. 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. [1] So in original. The comma probably should not appear.
Get this regulation in your AI window
Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.
Open in Claude Open in ChatGPT
Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.
Get notified if this rule changes
One email when SAFE Act (S.A.F.E. Mortgage Licensing Act of 2008, 12 U.S.C.) § 5106 — System of registration administration by Federal agencies changes: what changed, the new verbatim text, and the effective date. Nothing else.
Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.
Source of record: https://claudeforcompliance.com/regs/safe-12usc-5106/
· register safe-12usc-5106 · verbatim, source-snapshotted regulator text from the
Claude for Compliance corpus. To work from every register at once, download the corpus
and follow the methodology.