Code of Federal Regulations (alpha)

CFR /  Title 12  /  Part 1008  /  Sec. 1008.203 The Bureau's establishment of loan originator licensing system.

If the Bureau determines, in accordance with Sec. 1008.115(e), that a state has not established a licensing and registration system in compliance with the minimum standards of the S.A.F.E. Act, the Bureau shall apply to individuals in that state the minimum standards of the S.A.F.E. Act, as specified in subpart B, which provides the minimum requirements that a state must meet to be in compliance with the S.A.F.E. Act, and as may be further specified in this part.