United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 51. SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING |
§ 5108. Backup authority to establish a nationwide mortgage licensing and registry system
Latest version.
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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.
(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.)
Amendments
2010—Pub. L. 111–203 substituted “Director” for “Secretary” in two places.
Effective Date Of 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.