Introduced
by
To exempt a “leased employee” who performs services as the agent of only one secondary mortgage broker, lender, or servicer from having to be licensed as a secondary mortgage broker, lender, or servicer. “Leased employee” refers to "professional employer organizations" (PEOs), which are companies that "lease" employees to other firms on a long term basis but remain the employer of record for purposes of paying unemployment insurance taxes.
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To establish that the bill only applies to an "exclusive broker," defined as one who brokers secondary mortgage loans solely to one other broker.
The amendment passed by voice vote
Passed in the Senate 36 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 109 to 0 (details)
To exempt a “leased employee” who performs services as the agent of only one secondary mortgage broker, lender, or servicer from having to be licensed as a secondary mortgage broker, lender, or servicer. “Leased employee” refers to "professional employer organizations" (PEOs), which are companies that "lease" employees to other firms on a long term basis but remain the employer of record for purposes of paying unemployment insurance taxes.
