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2020 SESSION

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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.


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