Title 12 — Banks and BankingRelease 119-73not60
§5108 Backup Authority to Establish a Nationwide Mortgage Licensing and Registry System
Title 12 › Chapter 51— SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5108
Summary
At any time the Director finds the nationwide licensing system failing, they must set up and run a system to register and oversee loan originators.
Full Legal Text
Title 12, §5108
Banks and Banking — Source: USLM XML via OLRC
If at any time the Director determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2010—Pub. L. 111–203 substituted “Director” for “Secretary” in two places.
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5108
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60