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2014 SESSION
HB 954 Mortgage loan originators; SCC authorized to issue transitional license.
Introduced by: Timothy D. Hugo | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Transitional mortgage loan originators; licensing. Authorizes the State Corporation Commission (SCC) to issue transitional mortgage loan originator licenses. Such a license allows an individual to engage in business as a mortgage loan originator for a period of no more than 120 days, during which time the individual may fulfill pre-licensing education and written test requirements and apply for a mortgage loan originator license. The SCC may issue a transitional mortgage loan originator license to an individual who is licensed to originate mortgage loans under the laws of another state or, to the extent permitted under the federal Secure and Fair Enforcement for Mortgage Licensing Act, to an individual who was a registered mortgage loan originator within two months prior to the date that the individual applied for a transitional mortgage loan originator license. An individual applying for a transitional mortgage loan originator license is not required to comply with prelicensing education requirements or pass a written test requirement. In addition, the Commission shall not issue a transitional mortgage loan originator license unless it (i) finds that the applicant has never had a mortgage loan originator license revoked by any governmental authority, has not been convicted of, or pled guilty or nolo contendere to, certain felonies, and has become registered through, and obtained a unique identifier from, the Nationwide Mortgage Licensing System and Registry and (ii) finds that the applicant is employed by a person licensed by the SCC as a mortgage lender or mortgage broker. This bill is identical to SB 118.
FULL TEXT
- 01/08/14 House: Prefiled and ordered printed; offered 01/08/14 14102934D pdf | impact statement
- 01/23/14 House: Committee substitute printed 14103751D-H1 pdf | impact statement
- 03/04/14 House: Bill text as passed House and Senate (HB954ER) pdf | impact statement
- 03/27/14 Governor: Acts of Assembly Chapter text (CHAP0343) pdf
HISTORY
- 01/08/14 House: Prefiled and ordered printed; offered 01/08/14 14102934D
- 01/08/14 House: Referred to Committee on Commerce and Labor
- 01/23/14 House: Reported from Commerce and Labor with substitute (20-Y 0-N)
- 01/23/14 House: Committee substitute printed 14103751D-H1
- 01/27/14 House: Read first time
- 01/28/14 House: Read second time
- 01/28/14 House: Committee substitute agreed to 14103751D-H1
- 01/28/14 House: Engrossed by House - committee substitute HB954H1
- 01/29/14 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 01/29/14 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 01/30/14 Senate: Constitutional reading dispensed
- 01/30/14 Senate: Referred to Committee on Commerce and Labor
- 02/24/14 Senate: Reported from Commerce and Labor (16-Y 0-N)
- 02/26/14 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/27/14 Senate: Read third time
- 02/27/14 Senate: Passed Senate (40-Y 0-N)
- 03/04/14 House: Enrolled
- 03/04/14 House: Bill text as passed House and Senate (HB954ER)
- 03/04/14 House: Signed by Speaker
- 03/07/14 Senate: Signed by President
- 03/27/14 Governor: Approved by Governor-Chapter 343 (effective 7/1/14)
- 03/27/14 Governor: Acts of Assembly Chapter text (CHAP0343)