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2009 SESSION
SB 1170 Mortgage Lender and Broker Act; SCC to request Attorney Gen. to investigate violations thereunder.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Mortgage Lender and Broker Act. Provides that no person in the business of originating residential mortgage loans shall use any deception, fraud, false pretense, false promise, or misrepresentation in connection with a mortgage loan transaction and authorizes the Attorney General to investigate any such violations. The Attorney General may bring an action in circuit court to enjoin any such violations. If a person is found to have committed a willful violation, the Attorney General may recover a civil penalty of not more than $2,500 per violation. The Attorney General may also recover damages, restitution on behalf of borrowers, other costs and expenses, and attorney fees. The bill does not create a private right of action in favor of any person aggrieved by a violation. This bill is identical to HB 2262.
FULL TEXT
- 01/13/09 Senate: Prefiled and ordered printed; offered 01/14/09 090120806 pdf | impact statement
- 02/03/09 Senate: Committee substitute printed 090205348-S1 pdf | impact statement
- 02/20/09 House: Committee substitute printed 090339420-H1 pdf | impact statement
- 03/09/09 Senate: Bill text as passed Senate and House (SB1170ER) pdf | impact statement
- 03/30/09 Governor: Acts of Assembly Chapter text (CHAP0727) pdf
HISTORY
- 01/13/09 Senate: Prefiled and ordered printed; offered 01/14/09 090120806
- 01/13/09 Senate: Referred to Committee on Commerce and Labor
- 02/02/09 Senate: Reported from Commerce and Labor with substitute (14-Y 0-N)
- 02/03/09 Senate: Committee substitute printed 090205348-S1
- 02/04/09 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/05/09 Senate: Read second time
- 02/05/09 Senate: Reading of substitute waived
- 02/05/09 Senate: Committee substitute agreed to 090205348-S1
- 02/05/09 Senate: Engrossed by Senate - committee substitute SB1170S1
- 02/06/09 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/13/09 House: Placed on Calendar
- 02/13/09 House: Read first time
- 02/13/09 House: Referred to Committee for Courts of Justice
- 02/16/09 House: Assigned Courts sub: Civil
- 02/18/09 House: Subcommittee recommends reporting with amendment(s)
- 02/20/09 House: Reported from Courts of Justice with substitute (22-Y 0-N)
- 02/20/09 House: Committee substitute printed 090339420-H1
- 02/24/09 House: Read second time
- 02/25/09 House: Read third time
- 02/25/09 House: Committee substitute agreed to 090339420-H1
- 02/25/09 House: Engrossed by House - committee substitute SB1170H1
- 02/25/09 House: Passed House with substitute BLOCK VOTE (100-Y 0-N)
- 02/25/09 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/26/09 Senate: House substitute agreed to by Senate (38-Y 0-N)
- 02/26/09 Senate: Title replaced 090339420-H1
- 03/09/09 Senate: Enrolled
- 03/09/09 Senate: Bill text as passed Senate and House (SB1170ER)
- 03/09/09 Senate: Signed by President
- 03/11/09 House: Signed by Speaker
- 03/30/09 Governor: Approved by Governor-Chapter 727 (effective 7/1/09)
- 03/30/09 Governor: Acts of Assembly Chapter text (CHAP0727)