12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB) § 1008.401 — The Bureau's authority to examine loan originator records
12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB), §1008.401 The Bureau's authority to examine loan originator records. 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) § 1008.401 — The Bureau's authority to examine loan originator records — 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 §1008.401(a)
(a) Summons authority. The Bureau may: (1) Examine any books, papers, records, or other data of any loan originator operating in any state which is subject to a licensing system established by the Bureau under subpart C of this part; and (2) Summon any loan originator referred to in paragraph (a)(1) of this section or any person having possession, custody, or care of the reports and records relating to such loan originator, to appear before the Bureau 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 §1008.401(b)
(b) Examination authority—(1) In general. If the Bureau establishes a licensing system under 12 U.S.C. 5107 and in accordance with subpart C of this part for any state, the Bureau shall appoint examiners for the purposes of ensuring the appropriate administration of the Bureau's licensing system. (2) Power to examine. Any examiner appointed under paragraph (b)(1) of this section shall have power, on behalf of the Bureau, to make any examination of any loan originator operating in any state which is subject to a licensing system established by the Bureau under 12 U.S.C. 5107 and in accordance with subpart C of this part, whenever the Bureau determines that an examination of any loan originator is necessary to determine the compliance by the originator with minimum requirements of the S.A.F.E. Act. (3) Report of examination. Each Bureau examiner appointed under paragraph (b)(1) of this section shall make a full and detailed report to the Bureau of examination of any loan originator examined under this section. (4) Administration of oaths and affirmations; evidence. In connection with examinations of loan originators operating in any state which is subject to a licensing system established by the Bureau under 12 U.S.C. 5107, and in accordance with subpart C of this part, or with other types of investigations to determine compliance with applicable law and regulations, the Bureau and the examiners appointed by the Bureau may administer oaths and affirmations and examine and take and preserve testimony under oath as to any matter in respect to the affairs of any such loan originator. (5) Assessments. The cost of conducting any examination of any loan originator operating in any state which is subject to a licensing system established by the Bureau under 12 U.S.C 5107 and in accordance with subpart C of this part shall be assessed by the Bureau against the loan originator to meet the Director's expenses in carrying out such examination.
Get this regulation in your AI window
Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.
Open in Claude Open in ChatGPT
Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.
Get notified if this rule changes
One email when 12 CFR Part 1008 — SAFE Act Minimum State Licensing Standards for Mortgage Loan Originators (CFPB) § 1008.401 — The Bureau's authority to examine loan originator records changes: what changed, the new verbatim text, and the effective date. Nothing else.
Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.
Source of record: https://claudeforcompliance.com/regs/safe-12cfr-1008-401/
· register safe-12cfr-1008-401 · verbatim, source-snapshotted regulator text from the
Claude for Compliance corpus. To work from every register at once, download the corpus
and follow the methodology.