Text: H.R.4400 — 111th Congress (2009-2010)All Bill Information (Except Text)

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Introduced in House (12/16/2009)


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.”.