{"content":[{"text":"STATE MODEL LANGUAGE FOR IMPLEMENTATION OF PUBLIC LAW 110- \n 289, TITLE V—S.A.F.E. MORTGAGE LICENSING ACT \n MSL XX.XXX.010 TITLE—This Act may be cited as the “[State] Secure and \n Fair Enforcement for Mortgage Licensing Act of 2009 or [State] S.A.F.E. \n Mortgage Licensing Act of 2009”. \n MSL XX.XXX.020 PURPOSE OF THIS ACT [Optional language for states that \n do not have language sufficiently covering PL 110-289, Sec. 1508(d)(1)]— The \n activities of mortgage loan originators and the origination or offering of financing \n for residential real property have a direct, valuable and immediate impact upon \n [State]’s consumers, [State]’s economy, the neighborhoods and communities of \n [State], and the housing and real estate industry. The Legislature finds that \n accessibility to mortgage credit is vital to the state’s citizens. The Legislature \n also finds that it is essential for the protection of the citizens of [State] and the \n stability of [State]’s economy that reasonable standards for licensing and \n regulation of the business practices of mortgage loan originators be imposed. \n The Legislature further finds that the obligations of mortgage loan originators to \n consumers in connection with originating or making residential mortgage loans \n are such as to warrant the regulation of the mortgage lending process. The \n purpose of this Act is to protect consumers seeking mortgage loans and to \n ensure that the mortgage lending industry is operating without unfair, deceptive, \n and fraudulent practices on the part of mortgage loan originators. Therefore the \n Legislature establishes within this Act: \n (1) SYSTEM OF SUPERVISION AND ENFORCEMENT—An effective system of \n supervision and enforcement of the mortgage lending industry, including: \n (a) The authority to issue licenses to conduct business under this Act, including \n the authority to write rules or regulations or adopt procedures necessary to the \n licensing of persons covered under this Act. \n (b) The authority to deny, suspend, condition or revoke licenses issued under \n this Act. \n (c) The authority to examine, investigate and conduct enforcement actions as \n necessary to carry out the intended purposes of this Act, including the authority \n to subpoena witnesses and documents, enter orders, including cease and desist \n orders, order restitution and monetary penalties and order the removal and ban \n of individuals from office or employment. \n (2) BROAD ADMINISTRATIVE AUTHORITY—That the Commissioner shall have \n the broad administrative authority to administer, interpret and enforce this Act, \n and promulgate rules or regulations implementing this Act, in order to carry out \n the intentions of the Legislature. \n MSL XX.XXX.030 DEFINITIONS—For purposes of this Act, the following \n definitions shall apply: \n (1) DEPOSITORY INSTITUTION—The term ‘‘depository institution’’ has the \n same meaning as in section 3 of the Federal Deposit Insurance Act, and includes \n any credit union. \n (2) FEDERAL BANKING AGENCIES—The term ‘‘Federal banking agencies’’ \n means the Board of Governors of the Federal Reserve System, the Comptroller \n of the Currency, the Director of the Office of Thrift Supervision, the National \n Credit Union Administration, and the Federal Deposit Insurance Corporation.","bbox":{"left":0.164706,"top":0.097599,"width":0.66902,"height":0.7990010000000001}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}