Guam § 36304 - License and Registration Required.

§ 36304. License and Registration Required.

(a) General. An individual, unless specifically exempted from this Act

under Subsection (c) of this Section, shall not engage in the business of a

mortgage loan originator with respect to any dwelling located in Guam

without first obtaining and maintaining annually a license under this Act.

Each licensed mortgage loan originator must register with and maintain a

valid unique identifier issued by the Nationwide Mortgage Licensing System

and Registry.

(b) Effective Date. In order to facilitate an orderly transition to

licensing and to minimize disruption in the mortgage marketplace, the

effective date for Subsection (a) of this Section shall be July 31, 2010, or

such later date approved by the Secretary of the U.S. Department of Housing

and Urban Development, pursuant to the authority granted under Public Law

110-289, Section 1508(a).

(c) Exemption from this Act. The following are exempt from this Act:

(1) Registered Mortgage Loan Originators, when acting for an

entity described in § 36303(n);

(2) Any individual who offers or negotiates terms of a residential

mortgage loan with or on behalf of an immediate family member of the

individual;

(3) Any individual who offers or negotiates terms of a residential

mortgage loan secured by a dwelling that served as the individual’s

residence; or

(4) A licensed attorney who negotiates the terms of a residential

mortgage loan on behalf of a client as an ancillary matter to the

attorney’s representation of the client, unless the attorney is

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compensated by a lender, a mortgage broker, or other mortgage loan

originator or by any agent of such lender, mortgage broker, or other

mortgage loan originator.

(d) Independent Contractor Loan Processors or Underwriters. A loan

processor or underwriter who is an independent contractor may not engage

in the activities of a loan processor or underwriter unless such independent

contractor loan processor or underwriter obtains and maintains a license

under § 36304(a). Each independent contractor loan processor or

underwriter licensed as a mortgage loan originator must have and maintain a

valid unique identifier issued by the Nationwide Mortgage Licensing System

and Registry.

(e) Commissioner Authority to Establish Licensing Rules, Regulations

or Interim Procedures and Accept Early Applications. For the purposes of

implementing an orderly and efficient licensing process, the Commissioner

may establish licensing rules or regulations and interim procedures for

licensing and acceptance of applications, pursuant to the Administrative

Adjudication Law. For previously registered or licensed individuals, the

Commissioner may establish expedited review and licensing procedures,

pursuant to the Administrative Adjudication Law.