1997 Regular Session

HOUSE BILL 1439

File Code: Commercial Law - Credit Regulation
Sponsored By:
Delegates Curran and Faulkner
Entitled:
Consumer Credit - Mortgage Lenders - Regulatory Reform and Antifraud Protections

Synopsis:

Altering the licensing and regulation of mortgage lenders and brokers; adding specified exemptions; imposing additional licensure requirements; specifying fees, penalties, bonding requirements, etc., for mortgage brokers; revising the payment schedule and increasing the term for specified licensure fees; altering specified credit laws; increasing the ceiling on the points and other fees that lenders may charge consumers when offering credit; clarifying that mortgage brokers may not enter into exclusive dealing contracts; etc.

Legislative History

House Action
2/27
First Reading House Rules
3/3
Re-referred Commerce and Government Matters
Hearing 3/4 at 1:15 p.m.
3/11
Favorable with Amendments Report by Commerce and Government Matters
3/12
Favorable with Amendments Report Adopted
Special Order 3/13 (Delegate Crumlin) Adopted
3/13
Floor Amendment (Delegate Crumlin) Rejected (37-81)
Floor Amendment (Delegate Crumlin) Adopted
Floor Amendment (Delegate Genn) Adopted
Floor Amendment (Delegate Crumlin) Adopted
Second Reading Passed with Amendments
3/17
Third Reading Failed (66-66)
Senate Action
No Action
Sponsored by:
Delegate Gerald J. Curran, District 43
Delegate Patricia Anne Faulkner, District 14A
Bill indexed under the following Subjects:
AGENTS AND BROKERS
BONDS -see also- COUNTY & BALTIMORE CITY BONDS; STATE BONDS.
COMMITTEES AND COMMISSIONS -see also- POLITICAL COMMITTEES
CONSUMER PROTECTION -see also- ADVTG.; LABELING; WARRANTIES.
CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT
CREDIT
DISCLOSURE
FEES -see also- DEVELOPMENT FEES AND TAXES
FIDUCIARIES
FINANCIAL INSTITUTIONS -see also- BANKS & TRUST CO; CREDIT U
FRAUD
LICENSES -see also- ALCOHOLIC BEVERAGES LICENSES
LOANS
MORTGAGES
PENALTIES
PERJURY
REPORTS -see also- RECORDS
Bill affects the following Statutes:
Commercial Law
( 12-903 , 12-905 , 12-905 , 12-1005 )
Financial Institutions
( 11-501 , 11-502 , 11-505 , 11-506 , 11-506.1 , 11-507 , 11-508 , 11-511 , 11-512 , 11-521.1 , 11-523 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)

Amendments:
House
Number: 012194/1 (PDF) Offered on: MARCH 13, 1997 at: 10:44 Status: Adopted
Number: 032795/1 (PDF) Offered on: MARCH 13, 1997 at: 10:45 Status: Adopted
Number: 076553/1 (PDF) Offered on: MARCH 12, 1997 at: 10:14 Status: Adopted
Number: 482891/1 (PDF) Offered on: MARCH 13, 1997 at: 10:31 Status: Rejected
Number: 552992/1 (PDF) Offered on: MARCH 13, 1997 at: 10:46 Status: Adopted