12 2 STA T . 2 8 1 7PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 (5)LIM I TA TI ON AN DS TANDA R DS .— ( A ) LIMITATION.— Tomaint ain t he in d e p enden c eo f the app r o v a l proce s s , the N ation w ide M ort g age Licensing Sy stem and R egistry shall not directly or indirectly offer any contin u ing education courses for loan originators. ( B ) STANDARDS.— I n approving courses under this sec - tion, the Nationwide Mortgage Licensing System and Reg- istry shall apply reasona b le standards in the review and approval of courses. SEC.1507 .S Y S T E MOFR E GI STR A TIO N A D MINISTRATION B Y FEDERA L AGENCIES. (a) DEV E L O P MENT.— ( 1 )IN G ENERAL.—The F ederal ban k ing agencies shall j ointly, through the Federal Financial Institutions Ex amination C ouncil, and together with the Farm Credit Administration, develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regu- lated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. The system shall be implemented before the end of the 1-year period beginning on the date of enactment of this title. ( 2 ) REGISTRATION RE QU IREMENTS.—In connection with the registration of any loan originator under this subsection, the appropriate Federal banking agency and the Farm Credit Administration shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the employees ’ s identity, including— (A) fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authori z ed to receive such information for a State and national criminal history background check
and (B) personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any govern- mental jurisdiction. (b) COORDINATION.— (1) U NIQUE IDENTI F IER.—The Federal banking agencies, through the Financial Institutions Examination Council, and the Farm Credit Administration shall coordinate with the Nationwide Mortgage Licensing System and Registry to estab- lish protocols for assigning a uni q ue identifier to each registered loan originator that will facilitate electronic tracking and uni- form identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators. (2) NATION W IDE MORTGAGE LI C ENSING S Y STEM AND REG- ISTRY DEVELOPMENT.—To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Fed- eral banking agencies, through the Financial Institutions Public i nformat ion .De a d line. 12USC5 1 06 .
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