Sec. 37. "State licensed mortgage loan originator" means an individual who: (1) is a mortgage loan originator; (2) is not an employee of: (A) a depository institution; (B) a subsidiary that is: (i) owned and controlled by a depository institution; and (ii) regulated by the federal financial institutions regulatory agencies (as defined in 12 U.S.C. 3350(6)); or (C) an institution regulated by the Farm Credit Administration; (3) is licensed by: (A) a state; or (B) the Secretary of the United States Department of Housing and Urban Development under Section 1508 of the S.A.F.E. Mortgage Licensing Act of 2008 (Title V of P.L.110-289); and (4) is registered as a mortgage loan originator with, and maintains a unique identifier through, the Nationwide Multistate Licensing System.
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