2004 Regular Session

SENATE BILL 643

CHAPTER NUMBER: 473 File Code: Financial Institutions Crossfiled with: HOUSE BILL 1096
Sponsored By:
Senator Astle
Entitled:
Mortgage Lenders - Sole Proprietors - Qualifications for Licensure

Synopsis:

Authorizing the Commissioner of Financial Regulation to issue a mortgage lender license to an applicant who is a sole proprietor and who does not meet the 3-year experience requirement under specified circumstances; specifying the conditions under which a sole proprietor may be licensed under the Act; prohibiting a sole proprietor who is licensed under the Act from aiding or assisting a borrower to obtain a loan from a financial institution other than the institution identified in the license application; etc.

History by Legislative Date

Senate Action
2/6
First Reading Finance
2/25
Hearing 3/12 at 1:00 p.m.
3/3
Hearing cancelled
Hearing 3/17 at 1:00 p.m.
3/26
Favorable with Amendments Report by Finance
Favorable with Amendments
Laid Over (Senator Harris) Adopted
3/29
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/30
Third Reading Passed (44-3)
4/10
Returned Passed
5/26
Signed by the Governor Chapter 473
House Action
3/31
First Reading House Rules and Executive Nominations
4/10
Re-referred Economic Matters
4/9
Hearing 4/10 at 1:00 p.m.
4/12
Favorable Report by Economic Matters
4/8
Favorable Report Adopted
Second Reading Passed
Motion Rules Suspended two readings same day (Delegate Barve) Adopted (132-4)
Third Reading Passed (118-15)
Bill indexed under the following Subjects:
AGENTS AND BROKERS
CHECKS
FEES -see also- DEVELOPMENT FEES AND TAXES
FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.
FINANCIAL REGULATION, DIVISION OF
INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS
LICENSES -see also- ALCOHOLIC BEV LIC; DRIVERS' LICENSES
MORTGAGES
Bill affects the following Statute:
Financial Institutions
( 11-506 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)
Amendments:
Senate
Number: 477773/01 (PDF)     Offered on: March 29, 2004   at: 8:22 p.m.     Status: Adopted
Roll Call Votes (Legislative dates are shown):
Senate
March 30, 2004: Third Reading Passed (44-3)
House
April 8, 2004: Motion Rules Suspended two readings same day (Barve) Adopted (132-4)
April 8, 2004: Third Reading Passed (118-15)