Introduced
by
To prohibit a registered loan officer from engaging in fraud, deceit, or material misrepresentation in connection with any transaction governed by the Mortgage Brokers, Lenders, and Servicers Licensing Act; intentionally, or due to gross or wanton negligence, repeatedly failing to provide borrowers with any material disclosures or information required by law; directly or indirectly making a false, misleading, or deceptive advertisement regarding mortgage loans or their availability; or being convicted of or pleading guilty or no contest to any felony, or any crime involving embezzlement, forgery, fraud, a financial transaction, or securities. The bill also imposes on loan certain duties regarding cooperation with enforcement of the law. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Banking and Financial Services
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 108 to 0 (details)
To prohibit a registered loan officer from engaging in fraud, deceit, or material misrepresentation in connection with any transaction governed by the Mortgage Brokers, Lenders, and Servicers Licensing Act; intentionally, or due to gross or wanton negligence, repeatedly failing to provide borrowers with any material disclosures or information required by law; directly or indirectly making a false, misleading, or deceptive advertisement regarding mortgage loans or their availability; or being convicted of or pleading guilty or no contest to any felony, or any crime involving embezzlement, forgery, fraud, a financial transaction, or securities. The bill also imposes on loan certain duties regarding cooperation with enforcement of the law. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.
