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SAFE Study Guide Part 5 - UST content

Terms in this set (32)

The CSBS and AARMR wrote the model law for state licensing programs and submitted to ______ for approval in 2008
- HUD
SAFE act was approved as an amendment to what?
- Title V of HERA
SAFE sets minimum...
- minimum licensing requirements for states, but some adopt stricter policies
HUD wrote and implemented which regulations that set the licensing standards for MLO's?
- Regulation G (depository) and Regulation H (non-depository)
Who is NOW in charge of regulating the SAFE act as of 2011?
- CFPB
CFPB
- determines whether a state licensing program meets SAFE Act standards
SAFE Act purpose:
- to increase uniformity, reduce regulatory burden, enhance consumer protection and reduce fraud
States MUST:
- Adopt minimum uniform standards for licensing and registration of MLO's
- Participate in NMLSR database
- Delegate a state regulatory agency to oversee laws; usually headed by some single authoritator
State regulatory agencies are headed by:
- Commissioner/Director/Superintendent
SAFE Act requires that the State Regulatory Agency:
- participate in NMLS
- Write or adopt rules and regulations for approving, denying, suspending, and revoking of MLO licenses
- Conduct background checks
- Set and accept licensing fees and renewal dates through NMLS
- Bring appropriate enforcement actions for violations of state and federal law
In order to get a license, does the NMLS need to check education?
- No, education requirements are NOT mandatory
The state regulator brings appropriate enforcement actions for violations of state and federal law by issuing:
- License denials, suspensions, revocations
- cease and desist orders
- civil money penalties
- orders of restitution to consumers
Background check for:
- criminal history
- civil or administrative records
- credit (soft check)
If any disciplinary act is made against a licensee, who must it be reported to?
- The NMLS (bc it is now made into public record for everyone to see)
Report of Condition
- is required to be submitted to the NMLS every year (annually)
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