2001 Regular Session

HOUSE BILL 885

File Code: Commercial Law - Credit Regulation
Sponsored By:
Delegates McIntosh, Rosenberg, and Krysiak
Entitled:
Credit Regulation - Mortgage Brokers - Fees

Synopsis:

Prohibiting a mortgage broker who accepts a fee from a borrower for placing a loan from accepting a fee from a loan originator in the same transaction if the fee from the loan originator is based on the interest rate of the loan or the number of points associated with the loan; and providing that a mortgage broker who accepts a specified fee from a loan originator is an agent of the loan originator and must disclose the agency relationship to the borrower.

History by Legislative Date

House Action
2/9
First Reading Commerce and Government Matters
2/14
Hearing 2/27 at 1:00 p.m.
3/15
Unfavorable Report by Commerce and Government Matters
Senate Action
No Action
Sponsored by:
Delegate Maggie L. McIntosh, District 42
Delegate Carolyn J. Krysiak, District 46
Delegate Samuel I. Rosenberg, District 42
Bill indexed under the following Subjects:
AGENTS AND BROKERS
CONSUMER PROTECTION -see also- UNFAIR TRADE PRACTICES
DISCLOSURE
FEES -see also- DEVELOPMENT FEES AND TAXES
LOANS -see also- MORTGAGES
MORTGAGES
Bill affects the following Statute:
Commercial Law
( 12-804 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered