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2023 SESSION

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HB 2389 Mortgage lending and brokerage entities; definitions remote location requirements.

Introduced by: Bill Wiley | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Remote location requirements for mortgage lending and brokerage entities. Defines "office" and "remote location," as those terms apply to the licensing of mortgage lenders and mortgage brokers, and permits licensees to allow employees and exclusive agents to work from a remote location. The bill allows such an employee or exclusive agent to work at a remote location only if certain requirements are met, including the establishment of written policies and procedures for remote work supervision; compliance with security plans and federal and state security requirements; the employment of appropriate risk-based monitoring and oversight processes; agreement of the employee or exclusive agent to comply with established practices; the proper maintenance of physical records; access of the licensee's secure systems via a virtual private network with password protection; the installation and maintenance of security updates; and the designation of the principal place of business as the mortgage loan originator's registered location for the purposes of the Nationwide Mortgage Licensing System and Registry record.


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