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2009 SESSION
SB 1171 Mortgage loan originators; definition, establishes licensure and registry.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (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. HB 2031 is identical.
FULL TEXT
- 01/13/09 Senate: Prefiled and ordered printed; offered 01/14/09 097433348 pdf | impact statement
- 02/03/09 Senate: Committee substitute printed 090167348-S1 pdf | impact statement
- 02/17/09 House: Committee substitute printed 090238348-H1 pdf | impact statement
- 03/04/09 Senate: Bill text as passed Senate and House (SB1171ER) pdf | impact statement
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0273) pdf
HISTORY
- 01/13/09 Senate: Prefiled and ordered printed; offered 01/14/09 097433348
- 01/13/09 Senate: Referred to Committee on Commerce and Labor
- 02/02/09 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/03/09 Senate: Committee substitute printed 090167348-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 090167348-S1
- 02/05/09 Senate: Engrossed by Senate - committee substitute SB1171S1
- 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 on Commerce and Labor
- 02/17/09 House: Reported from Commerce and Labor with substitute (20-Y 0-N)
- 02/17/09 House: Committee substitute printed 090238348-H1
- 02/19/09 House: Read second time
- 02/20/09 House: Passed by for the day
- 02/23/09 House: Passed by for the day
- 02/24/09 House: Read third time
- 02/24/09 House: Committee substitute agreed to 090238348-H1
- 02/24/09 House: Engrossed by House - committee substitute SB1171H1
- 02/24/09 House: Passed House with substitute BLOCK VOTE (99-Y 0-N)
- 02/24/09 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/25/09 Senate: House substitute agreed to by Senate (37-Y 0-N)
- 02/25/09 Senate: Title replaced 090238348-H1
- 03/04/09 Senate: Enrolled
- 03/04/09 Senate: Bill text as passed Senate and House (SB1171ER)
- 03/05/09 Senate: Signed by President
- 03/06/09 House: Signed by Speaker
- 03/27/09 Governor: Approved by Governor-Chapter 273 (effective 7/1/09)
- 03/27/09 Governor: Acts of Assembly Chapter text (CHAP0273)