SB 666: Loan Originators, Mortgage Brokers, and Mortgage Lenders
GENERAL BILL by Detert
Loan Originators, Mortgage Brokers, and Mortgage Lenders; Authorizing the Office of Financial Regulation to conduct joint or concurrent examinations with other state or federal regulatory agencies; providing additional grounds for disciplinary action against a licensee or person required to be licensed based on certain violations of the Nationwide Mortgage Licensing System and Registry’s Rules of Conduct for Test Takers; deleting certain disclosure requirements relating to mortgage broker agreements; providing additional requirements, fees, and consequences for failing to renew a mortgage lender license that is not submitted by a certain date, etc.
Effective Date: 7/1/2014
Last Action: 5/2/2014 Senate - Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
Bill Text: Web Page | PDF
Last Action: 5/2/2014 Senate - Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
Bill Text: Web Page | PDF
Senate Committee References:
- Banking and Insurance (BI)
- Appropriations Subcommittee on General Government (AGG)
- Appropriations (AP)
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Bill History
Date Chamber Action 1/16/2014 Senate • Filed
1/28/2014 Senate • Referred to Banking and Insurance; Appropriations Subcommittee on General Government; Appropriations -SJ 55
2/10/2014 Senate • On Committee agenda-- Banking and Insurance, 02/18/14, 2:00 pm, 110 Senate Office Building
2/18/2014 Senate • Favorable by Banking and Insurance; YEAS 11 NAYS 0 -SJ 135
2/19/2014 Senate • Now in Appropriations Subcommittee on General Government -SJ 135
2/28/2014 Senate • On Committee agenda-- Appropriations Subcommittee on General Government, 03/05/14, 11:00 am, 110 Senate Office Building
3/4/2014 Senate • Introduced -SJ 55
3/5/2014 Senate • Subcommittee Recommendation: CS by Appropriations Subcommittee on General Government; YEAS 13 NAYS 0 -SJ 207
3/7/2014 Senate • Now in Appropriations -SJ 207
5/2/2014 Senate • Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
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SB 666, Original Filed Version (Current Bill Version) Posted 1/16/2014 at 12:15 PM
Bill Text: Web Page | PDF Related Bills (2)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills H 631 (c2) Loan Originators, Mortgage Brokers, & Mortgage Lenders Workman Similar Last Action: 5/2/2014 S Died in Banking and Insurance, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
Location: In committee/council (BI)
S 1012 (er) Financial Services Richter Compare Last Action: 6/13/2014 Chapter No. 2014-91, companion bill(s) passed, see CS/CS/SB 1278 (Ch. 2014-99)
Location: Became Law
Proposed Committee Substitutes (1)
PCS and Amendments Sponsor Filed Last Committee Action Format 760062 - Proposed Committee Substitute Appropriations 3/7/2014
4:29 PMWeb Page
PDFCommittee Amendments (3)
Amendment Sponsor Filed Last Committee Action Format 823074 - Amendment
Delete lines 644 - 646.Banking and Insurance
(Clemens)2/18/2014
10:55 AMWithdrawn
2/18/2014Web Page
PDF956228 - Amendment (Delete All)
Delete everything after the enacting clause and insert:Appropriations Subcommittee on General Government
(Detert)3/4/2014
11:16 AMReplaced by Committee Substitute
3/5/2014Web Page
PDF
281846 - Amendment to Amendment (956228)
Delete lines 48 - 63 and insert:Appropriations Subcommittee on General Government
(Detert)3/4/2014
4:56 PMReplaced by Committee Substitute
3/5/2014Web Page
PDFCommittee Votes (2)
Date Committee Result 2/18/2014 2:00 PM Banking and Insurance 11 Yeas - 0 Nays 3/5/2014 11:00 AM Appropriations Subcommittee on General Government 13 Yeas - 0 Nays Citations - Statutes (28)
Citation Catchline Location in Bill Location In Bill Help 494.001 Definitions. Page 3 (pdf) 494.0012 Investigations; complaints; examinations. Page 4 (pdf) 494.00255 Administrative penalties and fines; license violations. Page 4 (pdf) 494.0028 Arbitration. Page 4 (pdf) 494.00313 Loan originator license renewal. Page 4 (pdf) 494.00322 Mortgage broker license renewal. Page 6 (pdf) 494.0036 Mortgage broker branch office license. Page 8 (pdf) 494.0038 Loan origination and mortgage broker fees and disclosures. Page 9 (pdf) 494.004 Requirements of licensees. Page 14 (pdf) 494.0042 Loan origination fees. Page 15 (pdf) 494.00421 Fees earned upon obtaining a bona fide commitment. Page 15 (pdf) 494.00611 Mortgage lender license. Page 15 (pdf) 494.00612 Mortgage lender license renewal. Page 16 (pdf) 494.0066 Branch offices. Page 17 (pdf) 494.0067 Requirements of mortgage lenders. Page 19 (pdf) 494.0068 Loan application process. Page 21 (pdf) 494.007 Commitment process. Page 22 (pdf) 494.0073 Mortgage lender when acting as a mortgage broker. Page 22 (pdf) 494.0078 Short title; purposes. Page 23 (pdf) 494.0079 Definitions. Page 23 (pdf) 494.00791 Prohibited acts. Page 23 (pdf) 494.00792 Required disclosures for high-cost home loans. Page 23 (pdf) 494.00793 Liability of purchasers and assignees. Page 23 (pdf) 494.00794 Right to cure high-cost home loans. Page 23 (pdf) 494.00795 Powers and duties of the commission and office; investigations; examinations; injunctions; orders. Page 23 (pdf) 494.00796 Enforcement. Page 23 (pdf) 494.00797 General rule. Page 23 (pdf) 494.008 Mortgages offered by land developers; requirements; prohibitions. Page 23 (pdf)