Us Code § 5103 - License or registration required
Full text of Us Code United States Code § 5103 — License or registration required, with citation guidance and answers to common questions.
§ 5103. License or registration required
(a) In general
Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first—
(1) obtaining, and maintaining annually—
(A) a registration as a registered loan originator; or
(B) a license and registration as a State-licensed loan originator; and
(2) obtaining a unique identifier.
(b) Loan processors and underwriters
(1) Supervised loan processors and underwriters
A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator.
(2) Independent contractors
An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.
(Pub. L. 110–289, div. A, title V, §1504, July 30, 2008, 122 Stat. 2814.)
About This Section
12 U.S.C. § 5103 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 12 U.S.C. § 5103. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
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