I
113th CONGRESS
2d Session
H. R. 5310
IN THE HOUSE OF REPRESENTATIVES
July 31, 2014
Mr. Gary G. Miller of California (for himself and Mrs. Carolyn B. Maloney of New York) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that courses offered by lenders for their own employees may not satisfy the pre-licensing education or continuing education requirement.
Short title
This Act may be cited as the Protecting Independence in the Education of Loan Originators Act of 2014
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Limitation on educational courses
Pre-Licensing courses
Section 1505(c)(3)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5104(c)(3)(A)) is amended to read as follows:
Limitation
To maintain the independence of the approval process—
the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and
no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).
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Continuing education courses
Section 1506(b)(5)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5105(b)(5)(A)) is amended to read as follows:
Limitation
To maintain the independence of the approval process—
the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer continuing education courses for loan originators; and
no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).
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