2000 Regular Session

SENATE BILL 872

File Code: Commercial Law - Credit Regulation Crossfiled with: HOUSE BILL 1337
Sponsored By:
Senators Kelley, Sfikas, McFadden, and Conway
Entitled:
Credit Regulation - Mortgage Lending

Synopsis:

Clarifying the fees that may be charged by a mortgage broker; prohibiting a mortgage broker from charging a specified finder's fee under specified circumstances; prohibiting a mortgage broker from receiving any fee in the form of a note, mortgage, or other evidence of indebtedness; prohibiting a finder's fee from being charged unless it is pursuant to a specified written agreement between the mortgage broker and the borrower; requiring that a copy of the agreement be provided to the borrower within a specified period of time; etc.

History by Legislative Date

Senate Action
2/28
First Reading Senate Rules
3/2
Re-referred Finance
Hearing 3/16 at 1:00 p.m.
3/3
Hearing cancelled
Hearing 3/21 at 1:00 p.m.
3/24
Favorable with Amendments Report by Finance
3/27
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/29
Third Reading Passed (47-0)
4/5
Senate Concur - House Amendment
Third Reading Passed (45-0)
Passed Enrolled
5/19
Governor vetoed - Cross-filed bill was signed
House Action
3/28
First Reading Commerce and Government Matters
3/31
Hearing 4/4 at 1:00 p.m.
4/6
Favorable with Amendments Report by Commerce and Government Matters
4/1
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
4/3
Third Reading Passed with Amendments (139-0)
Sponsored by:
Senator Delores G. Kelley, District 10
Senator Joan Carter Conway, District 43
Senator Nathaniel J. McFadden, District 45
Senator Perry Sfikas, District 46
Bill indexed under the following Subjects:
AGENTS AND BROKERS
CIRCUIT COURTS
CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES
CRIMES AND PUNISHMENTS -see also- PENALTIES; SENTENCES; etc.
DISTRICT COURTS
EXAMINATIONS
FEES -see also- DEVELOPMENT FEES AND TAXES
INVESTIGATIONS AND INQUIRIES -see also- CRIM BCKGRND INVEST.
JURISDICTION
LABOR, LICENSING, AND REGULATION, DEPARTMENT OF
LICENSES -see also- ALCOHOLIC BEV LIC; DRIVERS' LICENSES
MORTGAGES
PENALTIES
Bill affects the following Statutes:
Commercial Law
( 12-804 , 12-805 )
Courts and Judicial Proceedings
( 4-301 , 4-301 , 4-301 , 4-302 )
Financial Institutions
( 11-512 , 11-515 , 11-517 , 11-523 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled (PDF)
Fiscal Note: Available (PDF)
Amendments:
Senate
Number: 607670/1 (PDF)     Offered on: March 27, 2000   at: 9:59 p.m.     Status: Adopted
House
Number: 786788/1 (PDF)     Offered on: April 6, 2000   at: 11:16 a.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
Senate
March 29, 2000: Third Reading Passed (47-0)
April 5, 2000: Third Reading Passed (45-0)
House
April 3, 2000: Third Reading Passed (139-0)