On May 21, Alabama Governor Robert Riley signed SB 249. The bill implements the mandate of the federal Safe and Fair Enforcement for Mortgage Licensing Act of 2008 by providing for the licensing of all mortgage loan originators under the Nationwide Mortgage Licensing System. In addition to technical amendments, the bill prescribes loan originator requirements relating to licensing, prior and continuing education, testing, minimum net worth, and surety bond coverage. The bill becomes effective June 1, 2009, with licensing provisions becoming effective as early as July 1, 2010.