HOUSE BILL 1096

Sponsored By:

Delegates Love, Harrison, Kirk, Krebs, Krysiak, and Miller

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

House Action

2/13

First Reading Economic Matters

2/25

Hearing 3/9 at 1:00 p.m.

4/10

Favorable with Amendments Report by Economic Matters

4/5

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

4/6

Third Reading Passed (121-14)

4/10

Returned Passed

5/26

Governor vetoed - Cross-filed bill was signed

Senate Action

4/8

First Reading Senate Rules

4/9

Re-referred Finance

4/12

Favorable Report by Finance

4/10

Favorable Report Adopted

Second Reading Passed

Motion two readings same day Const/Rule 24 (Senator Astle) Adopted

Third Reading Passed (43-4)

Sponsored by:

Delegate Mary Ann E. Love, District 32

Delegate Hattie N. Harrison, District 45

Delegate Ruth M. Kirk, District 44

Delegate Susan W. Krebs, District 9B

Delegate Carolyn J. Krysiak, District 46

Delegate Warren E. Miller, District 9A

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:

House

Number: 653493/01 (PDF)     Offered on: April 10, 2004   at: 11:38 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

House

April 6, 2004: Third Reading Passed (121-14)

Senate

April 10, 2004: Third Reading Passed (43-4)