SB17-127

SB17-127 - Originator Exemption Mortgages To Family Members

Passed/Signed into Law
Concerning an expansion of the exemption from the requirements that apply to a mortgage loan originator to include up to three loans per year without compensation between family members.

Current law defines a mortgage loan originator as an individual who offers or negotiates terms of a residential mortgage loan, including to any family member, but there is an exemption for a parent who acts as a loan originator in providing loan financing to his or her child. The bill expands the exemption to include up to 3 loans per year without compensation, other than interest, between family members, and directs the board of mortgage loan originators to define 'family member' by rule.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Latest update: March 16, 2017
03/16/2017 - Governor Signed
03/10/2017 - Sent to the Governor
03/10/2017 - Signed by the Speaker of the House
03/10/2017 - Signed by the President of the Senate
03/06/2017 - House Third Reading Passed - No Amendments
03/03/2017 - House Second Reading Passed - No Amendments
02/28/2017 - House Committee on Business Affairs and Labor Refer Unamended to House Committee of the Whole
02/13/2017 - Introduced In House - Assigned to Business Affairs and Labor
02/10/2017 - Senate Third Reading Passed - No Amendments
02/09/2017 - Senate Second Reading Special Order - Passed - No Amendments
02/07/2017 - Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
01/27/2017 - Introduced In Senate - Assigned to Business, Labor, & Technology