State-Licensed Loan Originator Law and Legal Definition

According to 12 USCS § 5102 (11), the term State-licensed loan originator means “any individual who-- (A) is a loan originator; (B) is not an employee of--

(i) a depository institution;

(ii) a subsidiary that is--

(I) owned and controlled by a depository institution; and

(II) regulated by a Federal banking agency; or

(iii) an institution regulated by the Farm Credit Administration; and

(C) is licensed by a State or by the Secretary under section 1508 [12 USCS § 5107] and registered as a loan originator with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.”