SENATE BILL 787

Sponsored By:

Senator Pugh

Entitled:

Financial Institutions - Mortgage Lenders - Net Worth Requirements

Synopsis:

Establishing that for purposes of satisfying specified minimum net worth requirements, in addition to computing the net worth of a specified applicant for a new mortgage broker's license or for the renewal of a license according to generally accepted accounting principles, net worth may be computed according to any other recognized comprehensive basis of accounting approved by the Commissioner of Financial Regulation.

History by Legislative and Calendar Date

Senate Action

2/10

First Reading Finance

2/17

Hearing 3/2 at 1:00 p.m.

3/4

Favorable with Amendments Report by Finance

3/5

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/9

Third Reading Passed (46-0)

4/4

Returned Passed

House Action

3/10

First Reading Economic Matters

Hearing 3/25 at 1:00 p.m.

4/6

Favorable Report by Economic Matters

3/30

Favorable Report Adopted

Second Reading Passed

3/31

Third Reading Passed (140-0)

Action after passage in Senate and House

4/13

Approved by the Governor

- Chapter 106

Bill indexed under the following Subjects:

Agents and Brokers

Financial Institutions -see also- Banks; Credit Unions; etc.

Financial Regulation, Division of

Licenses -see also- Alcoholic Bev Lic; Drivers` Licenses

Mortgages

Bill affects the following Statutes:

Financial Institutions

( 11-501 , 11-508.1 )

Documents

Bill Text: First Reading, Third Reading, Enrolled, Chapter

Fiscal and Policy Note: Available

Amendments:

Senate

Number: 997877/01     Offered on: March 5, 2010   at: 12:32 p.m.     Status: Adopted

Committee Votes :

Senate

Finance

House

Economic Matters

Roll Call Votes (Legislative dates are shown):

Senate

March 9, 2010: Third Reading Passed (46-0)

House

March 31, 2010: Third Reading Passed (140-0)