HOUSE BILL 1222

Sponsored By:

Delegates Kagan and Mossburg

Entitled:

Mortgage Brokers - Insurance Agents - Collection of a Finder's Fee

Synopsis:

Authorizing a mortgage broker who acts also as an insurance agent regarding the same property to collect a finder's fee if the mortgage broker provides a written disclosure to the borrower that states that the mortgage broker may collect a finder's fee in addition to any compensation and that the borrower is not required to hire the mortgage broker as a condition to obtaining insurance, and is made before the mortgage broker undertakes to assist the borrower in obtaining a mortgage.

History by Legislative Date

House Action

2/13

First Reading Economic Matters

2/19

Re-assigned Commerce and Government Matters

2/25

Hearing 3/24 at 1:15 p.m.

Senate Action

No Action

Sponsored by:

Delegate Cheryl C. Kagan, District 17

Delegate Mathew Mossburg, District 39

Bill indexed under the following Subjects:

AGENTS AND BROKERS

CONSUMER PROTECTION -see also- ADVTG.; LABELING; WARRANTIES.

DISCLOSURE

FEES -see also- DEVELOPMENT FEES AND TAXES

INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS

MORTGAGES

Bill affects the following Statutes:

Commercial Law

( 12-801 , 12-805 , 12-808 )

Financial Institutions

( 11-501 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered