12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB) § 1008.113 — Performance standards
12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB), §1008.113 Performance standards. Captured section-complete (all subsections verbatim).
Verbatim regulatory text
Verbatim provisions from 12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB) § 1008.113 — Performance standards — 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 §1008.113(a)
(a) For the Bureau to determine that a state is providing effective supervision and enforcement, a supervisory authority must meet the following performance standards: (1) The supervisory authority must participate in the NMLSR; (2) 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; (3) 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; (4) The supervisory authority must examine or investigate loan originator licensees in a systematic manner based on identified risk factors or on a periodic schedule.
12 CFR §1008.113(b)
(b) 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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Source of record: https://claudeforcompliance.com/regs/safe-12cfr-1008-113/
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