Synopsis As Introduced Amends the Residential Mortgage License Act of 1987. Provides that persons exempt from licensure as a federally chartered savings bank registered with the Nationwide Mortgage Licensing System and Registry may apply for an exempt company registration for the purpose of sponsoring one or more individuals subject to the mortgage loan originator licensing requirements of the Act. Establishes requirements for exempt company registration and denial, suspension, or revocation of the registration. Effective immediately.
Replaces everything after the enacting clause. Reinserts the language of the introduced bill. Changes references from "Commissioner" to "Secretary". Provides that an exempt entity under the Act shall cooperate with the Secretary of the Department of Financial and Professional Regulation in the examination and investigation of its sponsored and licensed mortgage loan originators. Provides that the activities requiring a licensee of a mortgage loan originator that are sponsored by an exempt entity under the Act are subject to examination and investigation by the Secretary. Effective immediately.