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2012 SESSION
HB 570 Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Mortgage loan originators; bona fide nonprofit organizations. Exempts employees of bona fide nonprofit organizations from licensing and registration requirements applicable to mortgage loan originators. The State Corporation Commission is directed to prescribe, by regulation, procedures and criteria to be used to determine whether an organization is a bona fide nonprofit organization. In doing so, the Commission shall consider criteria adopted by the Consumer Financial Protection Bureau or other federal agency with rulemaking authority under the Secure and Fair Enforcement for Mortgage Licensing Act. The measure includes technical changes. This measure is a recommendation of the Virginia Housing Commission. This bill is identical to SB 75.
SUMMARY AS INTRODUCED:
Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations; technical changes. Allows the SCC to prescribe by regulation what constitutes a bona fide nonprofit organization. The bill changes "acting as" a mortgage broker to "engages in the business" of a mortgage loan originator and makes other technical changes. This bill is recommended by the Virginia Housing Commission.