Title 12 — Banks and BankingRelease 119-73not60
§5114 State Examination Authority
Title 12 › Chapter 51— SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5114
Summary
A State licensing agency must be able to investigate and examine loan originators who are licensed or who should be licensed. The agency can review records, interview company leaders, loan originators, employees, contractors, agents, and customers, and do these checks as often as needed to carry out its work. The agency’s power applies whether a person says they are licensed or not. No one under investigation may knowingly hide, remove, destroy, or alter books, 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
Apr 3, 2026
Release point: 119-73not60