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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 2107

‘‘(1) IN GENERAL.—The Bureau is authorized to promulgate
regulations setting minimum net worth or surety bond require-
ments for residential mortgage loan originators and minimum
requirements for recovery funds paid into by loan originators.
‘‘(2) CONSIDERATIONS.—In issuing regulations under para-
graph (1), the Bureau shall take into account the need to
provide originators adequate incentives to originate affordable
and sustainable mortgage loans, as well as the need to ensure
a competitive origination market that maximizes consumer
access to affordable and sustainable mortgage loans.’’;
(7) by striking section 1510 (12 U.S.C. 5109) and inserting
the following:

‘‘SEC. 1510. FEES. 12 USC 5109.
‘‘The Bureau, the Farm Credit Administration, and the Nation-
wide Mortgage Licensing System and Registry may charge reason-
able fees to cover the costs of maintaining and providing access
to information from the Nationwide Mortgage Licensing System
and Registry, to the extent that such fees are not charged to
consumers for access to such system and registry.’’;
(8) by striking section 1513 (12 U.S.C. 5112) and inserting
the following:

‘‘SEC. 1513. LIABILITY PROVISIONS. 12 USC 5112.
‘‘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 1509, or any officer or employee of any such entity, shall
not be subject to any civil action or proceeding for monetary dam-
ages 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 origi-
nators or are applying for licensing or registration as loan origina-
tors.’’; and
(9) in section 1514 (12 U.S.C. 5113) in the section heading,
by striking ‘‘UNDER HUD BACKUP LICENSING SYSTEM’’ and
inserting ‘‘BY THE BUREAU’’.

SEC. 1100A. AMENDMENTS TO THE TRUTH IN LENDING ACT.
The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended—
(1) in section 103 (15 U.S.C. 1602)—
(A) by redesignating subsections (b) through (bb) as
subsections (c) through (cc), respectively; and
(B) by inserting after subsection (a) the following:
‘‘(b) BUREAU.—The term ‘Bureau’ means the Bureau of Con- Definition.
sumer Financial Protection.’’;
(2) by striking ‘‘Board’’ each place that term appears, other 15 USC 1602 et
than in section 140(d) and sections 105(i) and 108(a), as seq.
amended by this section, and inserting ‘‘Bureau’’;
(3) by striking ‘‘Federal Trade Commission’’ each place 15 USC 1616,
that term appears, other than in section 108(c) and section 1632, 1651.
129(m), as amended by this Act, and other than in the context
of a reference to the Federal Trade Commission Act, and

LAWS inserting ‘‘Bureau’’; (4) in section 105(a) (15 U.S.C. 1604(a)), in the second sentence—PUBLIC with on anorris VerDate Nov 24 2008 22:28 Sep 03, 2010 Jkt 089139 PO 00203 Frm 00733 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203