Liability provisions

  1. Law
  2. USC 12
  3. Banks And Banking
  4. SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING
  5. Liability provisions

Checkout our iOS App for a better way to browser and research.

§5112. Liability provisions

The Bureau, any State official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry or a system established by the Director under section 5108 of this title, or any officer or employee of any such entity, shall not be subject to any civil action or proceeding for monetary damages by reason of the good faith action or omission of any officer or employee of any such entity, while acting within the scope of office or employment, relating to the collection, furnishing, or dissemination of information concerning persons who are loan originators or are applying for licensing or registration as loan originators.

(Pub. L. 110–289, div. A, title V, §1513, as added Pub. L. 111–203, title X, §1100(8), July 21, 2010, 124 Stat. 2107 ; amended Pub. L. 115–174, title I, §106(c), May 24, 2018, 132 Stat. 1304 .)

Amendment of Section

Pub. L. 115–174, title I, §106(c), (d), May 24, 2018, 132 Stat. 1304 , provided that, effective 18 months after May 24, 2018, this section is amended by striking "persons who are loan originators or are applying for licensing or registration as loan originators." and inserting "persons who-

"(1) have applied, are applying, or are licensed or registered through the Nationwide Mortgage Licensing System and Registry; and

"(2) work in an industry with respect to which persons were licensed or registered through the Nationwide Mortgage Licensing System and Registry on May 24, 2018."

See 2018 Amendment note below.

Prior Provisions

A prior section 5112, Pub. L. 110–289, div. A, title V, §1513, July 30, 2008, 122 Stat. 2820 , which barred liability for good faith actions or omissions by certain entities' officers or employees, was repealed by Pub. L. 111–203, title X, §1100(8), July 21, 2010, 124 Stat. 2107 .

Amendments

2018-Pub. L. 115–174 substituted "persons who-" for "persons who are loan originators or are applying for licensing or registration as loan originators." and added pars. (1) and (2).

Effective Date of 2018 Amendment

Pub. L. 115–174, title I, §106(d), May 24, 2018, 132 Stat. 1304 , provided that: "This section [enacting section 5117 of this title and amending this section] and the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act [May 24, 2018]."

Effective Date

Section effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 552a of Title 5, Government Organization and Employees.


Download our app to see the most-to-date content.