Section 5-26-18 – Mortgage Call Reports.
Section 5-26-18 Mortgage call reports. Each person employing a mortgage loan originator licensed under this chapter shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (Act 2009-627, p. 1907, §18.)
Section 5-26-3 – Definitions.
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions shall apply: (1) DEPOSITORY INSTITUTION. The term “depository institution” has the same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) FEDERAL BANKING AGENCIES. The term “federal banking agencies” means the Board of Governors of the […]
Section 5-26-4 – License and Registration Required.
Section 5-26-4 License and registration required. (1) In general. An individual, unless specifically exempted from this chapter under subsection (2), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan […]
Section 5-26-5 – State License and Registration Application and Issuance.
Section 5-26-5 State license and registration application and issuance. (1) Application form. Applicants for a license shall apply in a form as prescribed by the supervisor. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the supervisor and may be changed or updated as necessary by the supervisor […]
Section 5-26-6 – Issuance of License.
Section 5-26-6 Issuance of license. The supervisor shall not issue a mortgage loan originator license unless the Supervisor makes at a minimum the following findings: (1) NO LICENSE REVOCATION. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not […]
Section 5-26-7 – Pre-Licensing Education of Loan Originators.
Section 5-26-7 Pre-licensing education of loan originators. (1) Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4) a person shall complete at least 20 hours of education approved in accordance with subsection (2), which shall include at least: (a) Three hours of federal law and regulations; (b) Three […]
Section 5-26-8 – Testing of Loan Originators.
Section 5-26-8 Testing of loan originators. (1) In general. In order to meet the written test requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved […]
Section 5-26-9 – Standards for License Renewal.
Section 5-26-9 Standards for license renewal. (1) In general. The minimum standards for license renewal for mortgage loan originators shall include the following: (a) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 5-26-6(1) to (6), inclusive. (b) The mortgage loan originator has satisfied the annual continuing education requirements […]
Section 5-26-1 – Short Title.
Section 5-26-1 Short title. This chapter may be cited as the Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009 or Alabama S.A.F.E. Mortgage Licensing Act of 2009. (Act 2009-627, p. 1907, §1.)
Section 5-26-2 – Legislative Findings.
Section 5-26-2 Legislative findings. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon Alabama’s consumers, Alabama’s economy, the neighborhoods and communities of Alabama, and the housing and real estate industry. The Legislature finds that accessibility to mortgage credit is […]