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2013 SESSION
SB 994 Mortgage loan originators; conforms Virginia statutory law to federal regulations.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Mortgage loan originators. Conforms Virginia statutory law to federal regulations implementing the Secure and Fair Enforcement for Mortgage Licensing Act. Changes include (i) expanding the definition of a mortgage loan originator to include an individual who represents to the public that he can or will take an application for, or offer or negotiate the terms of, a residential mortgage loan; (ii) clarifying that when an individual acts as a loan originator in financing the sale of his own residence, he is exempt from licensing requirements; (iii) specifying conditions under which an attorney engaged in mortgage loan origination activities is exempt from licensing requirements; (iv) removing the definition of "federal banking agencies"; and (v) defining the term "employee." This bill is a recommendation of the Virginia Housing Commission. This bill is identical to HB 1803.
FULL TEXT
- 01/08/13 Senate: Prefiled and ordered printed; offered 01/09/13 13103427D pdf | impact statement
- 01/17/13 Senate: Printed as engrossed 13103427D-E pdf | impact statement
- 02/15/13 Senate: Bill text as passed Senate and House (SB994ER) pdf | impact statement
- 03/14/13 Governor: Acts of Assembly Chapter text (CHAP0380) pdf
AMENDMENTS
HISTORY
- 01/08/13 Senate: Prefiled and ordered printed; offered 01/09/13 13103427D
- 01/08/13 Senate: Referred to Committee on Commerce and Labor
- 01/14/13 Senate: Reported from Commerce and Labor with amendment (15-Y 0-N)
- 01/16/13 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/17/13 Senate: Read second time
- 01/17/13 Senate: Reading of amendment waived
- 01/17/13 Senate: Committee amendment agreed to
- 01/17/13 Senate: Engrossed by Senate as amended SB994E
- 01/17/13 Senate: Printed as engrossed 13103427D-E
- 01/18/13 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/25/13 House: Placed on Calendar
- 01/25/13 House: Read first time
- 01/25/13 House: Referred to Committee on Commerce and Labor
- 02/07/13 House: Reported from Commerce and Labor (20-Y 0-N)
- 02/11/13 House: Read second time
- 02/12/13 House: Read third time
- 02/12/13 House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/12/13 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/15/13 Senate: Enrolled
- 02/15/13 Senate: Bill text as passed Senate and House (SB994ER)
- 02/15/13 House: Signed by Speaker
- 02/18/13 Senate: Signed by President
- 03/14/13 Governor: Approved by Governor-Chapter 380 (effective 7/1/13)
- 03/14/13 Governor: Acts of Assembly Chapter text (CHAP0380)