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2009 SESSION
HB 2031 Mortgage loan originators; definition, establishes licensure and registry.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Mortgage loan originators. Prohibits an individual from acting as, or holding himself out to the public as being, a mortgage loan originator on or after July 1, 2010, unless he has obtained a license from the State Corporation Commission (SCC). The measure implements requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which allows states to retain regulatory authority over mortgage loan originators if they enact legislation that provides for the licensing and registration of such persons through the Nationwide Mortgage Licensing System and Registry. The measure establishes licensing procedures and criteria, including requirements for bonding, background checks, education, testing, continuing education, investigations, examinations, reporting, payment of annual fees, license suspension and revocation, and fines. The measure also provides for the SCC, to the extent practicable, to include in any written memorandum of understanding or other written agreement with the Registry provisions that address information security, disclosure of pending or incompletely adjudicated regulatory matters, licensing tests limited to specific products and services, reports on examination results, privilege or confidentiality of information, and review of the Registry's proposed budget, fees, and audited financial statements. SB 1171 is identical.
FULL TEXT
- 01/13/09 House: Prefiled and ordered printed; offered 01/14/09 097430612 pdf | impact statement
- 02/03/09 House: Committee substitute printed 090168612-H1 pdf | impact statement
- 02/24/09 House: Bill text as passed House and Senate (HB2031ER) pdf | impact statement
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0453) pdf
HISTORY
- 01/13/09 House: Prefiled and ordered printed; offered 01/14/09 097430612
- 01/13/09 House: Referred to Committee on Commerce and Labor
- 01/21/09 House: Assigned C & L sub: 2
- 01/29/09 House: Subcommittee recommends reporting with amendment(s)
- 02/03/09 House: Reported from Commerce and Labor with substitute (21-Y 0-N)
- 02/03/09 House: Committee substitute printed 090168612-H1
- 02/05/09 House: Read first time
- 02/06/09 House: Read second time
- 02/06/09 House: Committee substitute agreed to 090168612-H1
- 02/06/09 House: Engrossed by House - committee substitute HB2031H1
- 02/08/09 House: Passed by for the day
- 02/09/09 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 02/09/09 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 02/10/09 Senate: Constitutional reading dispensed
- 02/10/09 Senate: Referred to Committee on Commerce and Labor
- 02/16/09 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/18/09 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/19/09 Senate: Read third time
- 02/19/09 Senate: Passed Senate (40-Y 0-N)
- 02/24/09 House: Enrolled
- 02/24/09 House: Bill text as passed House and Senate (HB2031ER)
- 02/25/09 House: Signed by Speaker
- 02/27/09 Senate: Signed by President
- 03/27/09 Governor: Approved by Governor-Chapter 453 (effective 7/1/09)
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0453)