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.
| 108 Yeas / 0 Nays | |
|---|---|
| Excused or Not Voting (2) | |
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