- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Financial ServicesIntroducedJune 14th, 2013
- house Committees
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Qualified Mortgage Loan Originator Transitional Authority Act of 2013
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.
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.