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2008 SESSION
SB 157 Mortgage lenders and brokers; duties to borrowers.
Introduced by: A. Donald McEachin | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Mortgage Lender and Broker Act; duties to borrowers. Establishes a fiduciary duty of mortgage brokers to borrowers. Mortgage brokers are required to act in the borrower's best interest and with the utmost good faith. Mortgage brokers have the duties (i) to disclose all material information that might reasonably affect the borrower's rights, interests, or ability to receive the intended benefit from the loan, including the total compensation that the mortgage broker would receive from any of the loan options presented to the borrower, and (ii) to make reasonable efforts to secure or obtain a mortgage loan that is in the best interest of the borrower. Mortgage lenders are required to act in good faith and deal fairly in any transaction, practice or course of business in connection with a mortgage loan, and to make reasonable efforts to make a mortgage loan that is reasonably advantageous to the borrower. In addition, mortgage brokers and lenders are required to safeguard and account for any money handled for a borrower, follow reasonable and lawful instructions from the borrower, and use reasonable skill, care, and diligence.
FULL TEXT
HISTORY
- 01/07/08 Senate: Prefiled and ordered printed; offered 01/09/08 088284273
- 01/07/08 Senate: Referred to Committee on Commerce and Labor
- 02/11/08 Senate: Continued to 2009 in Commerce and Labor by voice vote
- 02/11/08 Senate: Subject matter referrred by letter to Housing Commission pursuant to Senate Rule 20 (L)