Introduced
by
To increase from $5,000 to $15,000 the monetary penalty and reduce the maximum term of imprisonment from three years to one year for violations of the state mortgage brokers, lenders, and servicers licensing act, and extend the penalty to acting as a loan officer without a license. 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 increase from $5,000 to $15,000 the monetary penalty and reduce the maximum term of imprisonment from three years to one year for violations of the state mortgage brokers, lenders, and servicers licensing act, and extend the penalty to acting as a loan officer without a license. The bill is part of a subprime home loan regulation package comprised of House Bills 5287 to 5310 and Senate Bills 826 to 833.
