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Title 12, Banks and BankingRelease 119-102

§5114 State Examination Authority

Title 12 › CHAPTER 51 — SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5114

Last updated Aug 21, 2026|Official source

Summary

A State licensing agency may investigate and examine any loan originator who is licensed or needs a license under this law. It can do this whenever needed to look into complaints or to check compliance. The loan originator must give the agency records and let the agency review documents and interview officers, employees, contractors, agents, and customers about the business. The agency’s power applies whether the person says they are licensed or not. No one under investigation may knowingly hide, destroy, or remove records or computer files.

Full Legal Text

Title 12, §5114

Banks and Banking, Source: USLM XML via OLRC

In addition to any authority allowed under State law a State licensing agency shall have the authority to conduct investigations and examinations as follows:
(1)For the purposes of investigating violations or complaints arising under this chapter, or for the purposes of examination, the State licensing agency may review, investigate, or examine any loan originator licensed or required to be licensed under this chapter, as often as necessary in order to carry out the purposes of this chapter.
(2)Each such loan originator shall make available upon request to the State licensing agency the books and records relating to the operations of such originator. The State licensing agency may have access to such books and records and interview the officers, principals, loan originators, employees, independent contractors, agents, and customers of the licensee concerning their business.
(3)The authority of this section shall remain in effect, whether such a loan originator acts or claims to act under any licensing or registration law of such State, or claims to act without such authority.
(4)No person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5114

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102