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2011 SESSION

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SB 1009 Mortgage loan originators; prohibits SCC from issuing provisional licenses on or after July 1, 2011.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Mortgage lenders, mortgage brokers, and mortgage loan originators.  Prohibits the State Corporation Commission (SCC) from issuing provisional licenses to mortgage loan originators on or after July 1, 2011, and repeals the provision that authorized the SCC to issue such provisional licenses effective July 1, 2012. The measure authorizes the SCC to issue cease and desist orders with regard to mortgage loan originators that have violated requirements of applicable law. Finally, the measure requires applicants for a mortgage lender or mortgage broker license to pay an application fee of $150 for each office at which the business to be licensed is to be conducted.


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