Protecting Independence in the Education of Loan Originators Act of 2014

Protecting Independence in the Education of Loan Originators Act of 2014 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to prohibit the courses offered by lenders for their own employees from satisfying the pre-licensing education or continuing education requirement.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5310 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5310

 To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that 
courses offered by lenders for their own employees may not satisfy the 
      pre-licensing education or continuing education requirement.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2014

   Mr. Gary G. Miller of California (for himself and Mrs. Carolyn B. 
Maloney of New York) introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that 
courses offered by lenders for their own employees may not satisfy the 
      pre-licensing education or continuing education requirement.

    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 ``Protecting Independence in the 
Education of Loan Originators Act of 2014''.

SEC. 2. LIMITATION ON EDUCATIONAL COURSES.

    (a) Pre-Licensing Courses.--Section 1505(c)(3)(A) of the S.A.F.E. 
Mortgage Licensing Act of 2008 (12 U.S.C. 5104(c)(3)(A)) is amended to 
read as follows:
                    ``(A) Limitation.--To maintain the independence of 
                the approval process--
                            ``(i) the Nationwide Mortgage Licensing 
                        System and Registry shall not directly or 
                        indirectly offer pre-licensure educational 
                        courses for loan originators; and
                            ``(ii) no course offered directly or 
                        indirectly by a lender for the lender's own 
                        employees shall qualify for purposes of 
                        paragraph (1).''.
    (b) Continuing Education Courses.--Section 1506(b)(5)(A) of the 
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5105(b)(5)(A)) is 
amended to read as follows:
                    ``(A) Limitation.--To maintain the independence of 
                the approval process--
                            ``(i) the Nationwide Mortgage Licensing 
                        System and Registry shall not directly or 
                        indirectly offer continuing education courses 
                        for loan originators; and
                            ``(ii) no course offered directly or 
                        indirectly by a lender for the lender's own 
                        employees shall qualify for purposes of 
                        paragraph (1).''.
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