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§ 1008.113 - Performance standards.

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For the Bureau to determine that a state is providing effective supervision and enforcement, a supervisory authority must meet the following performance standards:

The supervisory authority must participate in the NMLSR;

The supervisory authority must approve or deny loan originator license applications and must renew or refuse to renew existing loan originator licenses for violations of state or Federal law;

The supervisory authority must discipline loan originator licensees with appropriate enforcement actions, such as license suspensions or revocations, cease-and-desist orders, civil money penalties, and consumer refunds for violations of state or Federal law;

The supervisory authority must examine or investigate loan originator licensees in a systematic manner based on identified risk factors or on a periodic schedule.

A supervisory authority that is accredited under the Conference of State Bank Supervisors-American Association of Residential Mortgage Regulators Mortgage Accreditation Program will be presumed by the Bureau to be compliant with the requirements of this section.

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§ 1008.111 - Other minimum requirements for state licensing systems.
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§ 1008.115 - Determination of noncompliance.