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