Mortgage Licensing Act (SAFE Act) of the Housing and Economic Recovery Act of 2008 was signed into law on July 30, 2008 to enhance consumer protection and reduce fraud in mortgage loan transactions. It requires all 50 states and 5 territories to put into place a system for licensing mortgage loan originators that meets the minimum requirements of the SAFE Act. The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) have created, and will maintain, the Nationwide Mortgage Licensing System and Registry (NMLS&R) to streamline the licensing process with oversight by HUD. In addition to state requirements, NMLS&R will contain a single license record for each mortgage loan lender, broker, branch and mortgage loan originator which can be used to apply for, amend and renew a license in any participating jurisdiction. Three bills have been introduced in the California legislature to implement the SAFE Act in California – Senate Bill 36 (Calderon), Senate Bill 491 (Maldonado) and Assembly Bill 34 (Nava). The SAFE Act licensing system will be implemented in California once legislation has become effective, most likely in mid-to-late 2010.