Nonprofit Mortgage Licensing Clarification Act of 2009 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to permit a state to exempt from certain registration or licensing requirements any charitable organization exempt from federal tax (including their employees and agents acting as loan originators), if the organization: (1) executes loan originations in order to promote or facilitate homeownership for certain low-income, disabled, or other disadvantaged persons or families; (2) offers loans at interest rates lower than the bank prime loan rate, or that are no-interest loans or loans with interest rates significantly below those for loans to purchase generally available single-family housing; and (3) does not otherwise engage in the business of a loan originator or mortgage broker.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4400 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 4400
To authorize States to exempt certain nonprofit housing organizations
from the licensing requirements of the S.A.F.E. Mortgage Licensing Act
of 2008.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 16, 2009
Mr. Shuler (for himself, Mr. Melancon, Mrs. Emerson, Mr. Paul, Ms.
Foxx, Mr. Poe of Texas, Mr. Gonzalez, Mr. Ryan of Ohio, Mr. Delahunt,
Mr. Minnick, Mr. Dingell, Mr. Quigley, Mr. Tanner, Mr. Smith of Texas,
Mr. Carney, Mr. Inglis, Ms. Jenkins, Mr. Coble, Mr. Conaway, Mr. Hill,
Ms. Bean, Mr. Childers, Mr. Costa, and Mr. Harper) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To authorize States to exempt certain nonprofit housing organizations
from the licensing requirements of the S.A.F.E. Mortgage Licensing Act
of 2008.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Nonprofit Mortgage Licensing
Clarification Act of 2009''.
SEC. 2. EXEMPTION OF NONPROFIT HOUSING ORGANIZATIONS.
Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5103) is amended--
(1) in subsection (a), by inserting before the first comma
the following: ``and to subsection (c)''; and
(2) by adding at the end the following new subsection:
``(c) Authority for States To Exempt Nonprofit Housing
Organizations.--A State may, by State law, exempt from the requirement
under subsection (a)(1) (relating to registration or licensing)
organizations that are exempt from taxation pursuant to section
501(c)(3) of the Internal Revenue Code of 1986, and any employees and
agents of such organizations acting as loan originators for such
organizations, but only to the extent that such an organization--
``(1) engages in the business of a loan originator for the
purpose of promoting or facilitating homeownership for poor or
low-income, disabled, or other disadvantaged persons or
families, and in originating such loans offers loans--
``(A) at interest rates that are lower than the
bank prime loan rate, as determined under the Federal
Reserve Statistical Release of selected interest rates
(commonly referred to as the H.15) by the Board of
Governors of the Federal Reserve System, for the last
day of the most recent weekly release of such rates; or
``(B) that are, after adjusting for inflation, no-
interest loans or loans with interest rates
significantly below the interest rates for loans for
purchase of single-family housing generally available
in the market; and
``(2) does not otherwise engage in the business of a loan
originator or mortgage broker.''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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