12 CFR §1008.111 — Other minimum requirements for state licensing systems (SAFE Act)
State-supervisory-authority minimums for S.A.F.E.-compliant state licensing programs, plus the downstream [LENDER] obligation to keep examinable books/records and to submit closed-loan reports of condition through the NMLSR (Mortgage Call Reports).
Verbatim regulatory text
Verbatim provisions from 12 CFR §1008.111 — Other minimum requirements for state licensing systems (SAFE Act) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1008.111(b)(1) — Supervisory authority to examine books, papers, records of MLOs
(1) To examine any books, papers, records, or other data of any loan originator operating in the state ;
12 CFR §1008.111(b)(2) — Supervisory authority to summon and take testimony
(2) To summon any loan originator operating in the state , or any person having possession, custody, or care of the reports and records relating to such a loan originator , to appear before the supervisory authority at a time and place named in the summons and to produce such books, papers, records, or other data, and to give testimony, under oath, as may be relevant or material to an investigation of such loan originator for compliance with the requirements of the S.A.F.E. Act;
12 CFR §1008.111(b)(5) — Supervisory authority to suspend, terminate, and refuse renewal of MLO licenses
(5) To suspend, terminate, and refuse renewal of a loan originator license for violation of state or Federal law; and
12 CFR §1008.111(f) — Reports of condition (closed-loan reporting through NMLSR)
(f) The supervisory authority must require a loan originator to ensure that all residential mortgage loans that close as a result of the loan originator engaging in activities described in § 1008.103(b)(1) are included in reports of condition submitted to the NMLSR. Such reports of condition shall be in such form, shall contain such information, and shall be submitted with such frequency and by such dates as the NMLSR may reasonably require.