Bill Status of HB3951 96th General Assembly
Short Description: MORTGAGE LOAN ORIGINATORS
Rep. Brandon W. Phelps
| 1/11/2011||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. States the purpose of the State's participation in the Nationwide Mortgage Licensing System and Registry. Requires that a mortgage loan originator must register with the Director of Financial Institutions of the Department of Financial and Professional Regulation. Contains provisions concerning a mortgage loan originator license, its application, and issuance procedures. Contains provisions concerning pre-licensing education and testing of mortgage loan originators. Contains provisions concerning (1) license renewal standards and (2) continuing education of mortgage loan originators. Contains provisions concerning enforcement of the Act by the Director. Contains provisions concerning the suspension and revocation of licenses. Provides that each mortgage loan originator shall be covered by a surety bond. Contains provisions concerning the confidentiality of information associated with the Registry. Provides that the Director shall have additional investigation and examination authority. Contains provisions concerning the duties, processes, discipline, bond requirements, and prohibited acts with respect to the Registry and mortgage loan originators. Contains provisions concerning privately insured credit unions. Makes other changes. Contains a severability clause. Effective immediately.