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Posted by
Olog-hai
on Wed Jun 11 19:21:54 2008, in response to Re: Barry M Obama wants fingerprint registry, posted by SelkirkTMO on Wed Jun 11 18:58:56 2008.
edf40wrjww2msgDetailOT:detailStr fiogf49gjkf0d Did you look at Senator Martinez' web page? Here's the list of what S-2595 is supposed to create:
Following is a summary of the SAFE Mortgage Licensing Act:- Would require that all residential mortgage loan brokers and lenders obtain a state license, and provide fingerprints, a summary of work experience, and consent for a background check to authorities.
- To obtain licensing an individual must, at minimum:
- Have no felony convictions;
- Have no similar license revoked;
- Demonstrate a record of financial responsibility;
- Fulfill education requirements (20 hours of approved courses, to include at least 3 hours related to federal laws, 4 hours on ethics and consumer protection in mortgage lending, and 2 hours on the sub-prime mortgage marketplace); and
- Pass a written exam (the exam must be at least 100 questions; minimum score of 75% required to pass).
- Would require the Federal Reserve, Treasury Department, and FDIC to register all residential mortgage loan originators employed by national banks within one year of legislation’s enactment
- State regulators must develop a satisfactory licensing system within one year of legislation’s enactment. If this does not occur, the Housing and Urban Development (HUD) Secretary is empowered to quickly develop the national registry and license, generating revenue for its implementation by charging fees to license applicants.
Now how come this is good and other similar things that GOP politicians have done is bad?
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