1. Short title This Act may be cited as the SAFE Transitional License Act . 2. Eliminating barriers to jobs for loan originators (a) In general The S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 et seq.) is amended by adding at the end the following: 1518. Employment transition of loan originators (a) Temporary authority To originate loans for loan originators moving from a depository institution to a non-Depository institution (1) In general Upon employment by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual— (A) has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction; (B) has not been subject to or served with a cease and desist order in any governmental jurisdiction or as described in section 1514(c); (C) has not been convicted of a felony that would preclude licensure under the law of the application State; (D) has submitted an application to be a State-licensed loan originator in the application State; and (E) was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of submission of the information required under section 1505(a). (2) Period The period described in this paragraph shall begin on the date on which the individual submits the information required under section 1505(a) and shall end on the earliest of— (A) the date on which the individual withdraws the application to be a State-licensed loan originator in the application State; (B) the date on which the application State denies, or issues a notice of intent to deny, the application; (C) the date on which the application State grants a State license