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1996 SESSION

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HB 39 Mortgage Lender and Broker Act; broker's agent.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Mortgage Lender and Broker Act; broker's agent. Creates a category of mortgage broker's license for "broker's agents," defined by the bill to include individuals who broker mortgage loans exclusively to one licensed mortgage broker (designated as a "sponsoring broker") and who are not employees of the sponsoring broker. Under the bill, a sponsoring broker is a licensed mortgage broker who negotiates or arranges mortgage loans on behalf of a broker's agent and provides indemnification of such broker's agent in order to protect borrowers from monetary damages. Applicants for a mortgage broker's license may apply for a broker's agent license under conditions set forth in the bill.


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