Skip to main content

Additional states enact SAFE Act legislation

Jul 06, 2009

The states of Alaska, Florida, Maine and Tennessee have each signed into law, legislation designed to meet the mandate of the federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) of 2008 by providing for the licensing of mortgage loan originators under the Nationwide Mortgage Licensing System (NMLS). Alaska HB 221 authorizes participation in the NMLS and allows for emergency regulations to further implement the legislation. Among other items, Florida SB 2226, Maine SB 523, and Tennessee SB 2279 each require mortgage loan originators to: ◄ Submit to fingerprinting for the purpose of a criminal history background check; ◄ Complete at least 20 hours of pre-licensing education; ◄ Receive a passing score (i.e., 75 percent) on a qualified written test developed by the NMLS; and ◄ Complete at least eight hours of continuing education annually. The Florida and Tennessee bills also amend certain definitions and licensing requirements applicable to mortgage lenders and mortgage brokers. Maine SB 523 also sets forth new requirements applicable to residential mortgage loans and higher-priced mortgage loans. Most provisions of Florida SB 2226 became effective July 1, 2009. The mortgage loan originator licensing provisions of Maine SB 523 become effective July 31, 2010. Most provisions of Tennessee SB 2279 become effective July 31, 2009. Alaska SB 221 is effective immediately.
About the author
Published
Jul 06, 2009
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Xpert Home Lending, Executives Sanctioned in Washington Consent Order

Company led by former UWM account executive, Alysia Budd, faces sweeping sanctions

DOJ IG To Take Reins As Inspector General For The Fed And CFPB

Michael Horowitz to lead the Federal Reserve Board’s Office of Inspector General starting at end of this month

Rift That Could Shift The Housing Market

Trump-Musk breakup this week could have implications for federal economic policies as well as the housing and mortgage markets

Sichelman: Federal Risks Pile Up

GAO report calls for Congress to act