12 CFR Appendix D to Part 1008, Attorneys: Circumstances That Require a State Mortgage Loan Originator License

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Appendix D to Part 1008 - Attorneys: Circumstances That Require a State Mortgage Loan Originator License

This appendix D clarifies the circumstances in which the S.A.F.E. Act requires a licensed attorney who engages in loan origination activities to obtain a state loan originator license and registration. This special category recognizes limited, heavily regulated activities that meet strict criteria that are different from the criteria for specific exemptions from the S.A.F.E. Act requirements and the exclusions set forth in the regulations and illustrated in other appendices of part 1008.

(a)S.A.F.E. Act-compliant licensing required. An individual who is a licensed attorney is required to be licensed if the individual is engaged in the business of a loan originator as defined in § 1008.103 and such loan origination activities are not all of the following:

(1) Considered by the state's court of last resort (or other state governing body responsible for regulating the practice of law) to be part of the authorized practice of law within the state;

(2) Carried out within an attorney-client relationship; and

(3) Accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards.

(b)S.A.F.E. Act-compliant licensing not required. A licensed attorney performing activities that come within the definition of a loan originator is not required to be licensed, provided that such activities are:

(1) Considered by the state's court of last resort (or other state governing body responsible for regulating the practice of law) to be part of the authorized practice of law within the state;

(2) Carried out within an attorney-client relationship; and

(3) Accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards.

Title 12 published on 2015-12-05

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 1008 after this date.

  • 2016-04-28; vol. 81 # 82 - Thursday, April 28, 2016
    1. 81 FR 25323 - Finalization of Interim Final Rules (Subject to Any Intervening Amendments) Under Consumer Financial Protection Laws
      GPO FDSys XML | Text
      BUREAU OF CONSUMER FINANCIAL PROTECTION
      Final rule; official interpretations.
      This final rule is effective April 28, 2016.
      12 CFR Parts 1002, 1003, 1005, 1006, 1007, 1008, 1009, 1010, 1011, 1012, 1013, 1014, 1015, 1016, 1022, 1024, 1026, and 1030

Title 12 published on 2015-12-05.

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2016-04-28; vol. 81 # 82 - Thursday, April 28, 2016
    1. 81 FR 25323 - Finalization of Interim Final Rules (Subject to Any Intervening Amendments) Under Consumer Financial Protection Laws
      GPO FDSys: XML | Text
      BUREAU OF CONSUMER FINANCIAL PROTECTION
      Final rule; official interpretations.
      This final rule is effective April 28, 2016.
      12 CFR Parts 1002, 1003, 1005, 1006, 1007, 1008, 1009, 1010, 1011, 1012, 1013, 1014, 1015, 1016, 1022, 1024, 1026, and 1030