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2009 SESSION

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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 | history

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED SENATE:

Mortgage Lender and Broker Act.  Authorizes the State Corporation Commission to request the Attorney General to investigate violations of prohibited practices under the Mortgage Lender and Broker Act.

SUMMARY AS INTRODUCED:

Mortgage Lender and Broker Act.  Authorizes the State Corporation Commission to request the Attorney General to investigate violations of prohibited practices under the Mortgage Lender and Broker Act. The measure also provides that nothing in the Act shall be construed to preclude any person who suffers loss as a result of a violation of the prohibited practices from maintaining an action to recover damages or restitution. Finally, the measure deletes the existing exemption for mortgage lenders from the Virginia Consumer Protection Act.