HB 39 Mortgage Lender and Broker Act; broker's agent.
Vincent F. Callahan, Jr. | all patrons    ...    notes
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Summary:
Mortgage Lender and Broker Act; broker's agent. Creates a category of mortgage broker's license for "broker's agents," defined by the bill to include individuals who broker mortgage loans exclusively to one licensed mortgage broker (designated as a "sponsoring broker") and who are not employees of the sponsoring broker. Under the bill, a sponsoring broker is a licensed mortgage broker who negotiates or arranges mortgage loans on behalf of a broker's agent and provides indemnification of such broker's agent in order to protect borrowers from monetary damages. Applicants for a mortgage broker's license may apply for a broker's agent license under conditions set forth in the bill.

Full text:
01/10/96  House: Presented & ordered printed 960610144  pdf

Status:
01/10/96  House: Presented & ordered printed 960610144
01/10/96  House: Referred to Committee on Corporations, Insurance and Banking
01/23/96  House: Continued to 1997 in C. I. B. (22-Y 0-N)