HOUSE BILL 1107

Sponsored By:

Delegates Feldman, Miller, and Vaughn

Entitled:

Credit Regulation - Mortgage Brokers - Finder's Fee

Synopsis:

Clarifying that specified limitations on a mortgage broker's ability to charge and collect a finder's fee for obtaining more than one loan secured by the same property within 24 months applies only if the second loan is obtained from the same borrower as under the initial loan and is obtained for a specified purpose or is a specified covered loan; and defining "covered loan".

History by Legislative and Calendar Date

House Action

2/14

First Reading House Rules and Executive Nominations

2/26

Re-referred Economic Matters

2/28

Hearing 3/6 at 1:00 p.m.

3/22

Favorable Report by Economic Matters

3/19

Favorable Report Adopted

Second Reading Passed

3/20

Third Reading Passed (137-0)

Senate Action

3/23

First Reading Finance

3/27

Hearing 3/30 at 1:00 p.m.

Sponsored by:

Delegate Brian J. Feldman, District 15

Delegate Warren E. Miller, District 9A

Delegate Michael L. Vaughn, District 24

Bill indexed under the following Subjects:

Agents and Brokers

Fees -see also- Devt Fees and Taxes; Reimbursement Rates

Loans -see also- Mortgages

Mortgages

Bill affects the following Statute:

Commercial Law

( 12-804 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments: None offered

Roll Call Vote (Legislative date is shown):

House

March 20, 2007: Third Reading Passed (137-0)