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2020 SESSION
SB 291 Mortgage brokers; prohibition on dual compensation.
Introduced by: R. Creigh Deeds | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Mortgage brokers; prohibition on dual compensation. Clarifies the existing provisions that prohibit a licensed mortgage broker from negotiating, placing, or finding a mortgage loan that will be used to finance the purchase of residential property if the mortgage broker or its affiliate is acting as a real estate broker, agent, salesman, or firm in connection with the sale of the property that will secure the loan and receiving a commission or other thing of value for such services. Mortgage brokers who were licensed by the State Corporation Commission as of February 25, 1989, remain exempt from the prohibition if they furnish the prescribed written notice to the borrower.
FULL TEXT
HISTORY
- 01/03/20 Senate: Prefiled and ordered printed; offered 01/08/20 20103636D
- 01/03/20 Senate: Referred to Committee on Commerce and Labor
- 01/20/20 Senate: Reported from Commerce and Labor (14-Y 0-N 1-A)
- 01/22/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/23/20 Senate: Read second time and engrossed
- 01/24/20 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/13/20 House: Placed on Calendar
- 02/13/20 House: Read first time
- 02/13/20 House: Referred to Committee on Labor and Commerce
- 02/18/20 House: Continued to 2021 in Labor and Commerce by voice vote