Mortgage Lender and Broker Act; broker duties and liability. (HB1776)

Introduced By

Del. Jennifer McClellan (D-Richmond) with support from co-patrons Del. Chris Peace (R-Mechanicsville), Del. Shannon Valentine (D-Lynchburg), and Sen. Don McEachin (D-Richmond)

Progress

√
 Introduced
√
 Passed Committee
√
 Passed House
√
 Passed Senate
√
 Signed by Governor
√
 Became Law

Description

Mortgage Lender and Broker Act; broker duties and liability. Imposes upon mortgage brokers the duties to (i) act in the borrowers best interest and in the utmost good faith toward the borrower and not to compromise a borrowers right or interest in favor of anothers right or interest, including a right or interest of the mortgage broker; (ii) make reasonable efforts to secure a loan that is in the best interests of the borrower considering borrower circumstances and loan characteristics, including the product type, rates, charges, and repayment terms of the loan; and (iii) use reasonable skill, care, and diligence. The measure authorizes a borrower who has suffered a loss as a result of any violation of the Mortgage Lender and Broker Act to bring an action to recover actual damages, attorney fees, and court costs. If the violation was willful, the damages may be increased up to treble the amount of damages sustained. View Full Text »

Outcome

Bill Has Passed

History

  • 01/08/2009 Committee
  • 01/08/2009 Prefiled and ordered printed; offered 01/14/09 090024624
  • 01/08/2009 Referred to Committee for Courts of Justice
  • 01/16/2009 Assigned Courts sub: Civil
  • 01/21/2009 Impact statement from SCC (HB1776)
  • 02/04/2009 Subcommittee recommends reporting with amendment(s)
  • 02/06/2009 Reported from Courts of Justice with substitute (18-Y 4-N) (see vote tally)
  • 02/06/2009 Committee substitute printed 090316624-H1
  • 02/08/2009 Read first time
  • 02/09/2009 Read second time
  • 02/09/2009 Committee substitute agreed to 090316624-H1
  • 02/09/2009 Engrossed by House - committee substitute HB1776H1
  • 02/10/2009 Read third time and passed House (82-Y 16-N)
  • 02/10/2009 VOTE: --- PASSAGE (82-Y 16-N) (see vote tally)
  • 02/10/2009 Impact statement from SCC (HB1776H1)
  • 02/11/2009 Constitutional reading dispensed
  • 02/11/2009 Referred to Committee on Commerce and Labor
  • 02/16/2009 Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
  • 02/18/2009 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 02/19/2009 Read third time
  • 02/19/2009 Passed Senate (40-Y 0-N) (see vote tally)
  • 02/24/2009 Enrolled
  • 02/24/2009 Bill text as passed House and Senate (HB1776ER)
  • 02/24/2009 Impact statement from SCC (HB1776ER)
  • 02/25/2009 Signed by Speaker
  • 02/27/2009 Signed by President
  • 03/27/2009 G Approved by Governor-Chapter 189 (effective 7/1/09)
  • 03/27/2009 G Acts of Assembly Chapter text (CHAP0189)

Duplicate Bills

The following bills are identical duplicates of this one: SB1020.

Comments

Virginia Interfaith Center for Public Policy, tracking this bill in Photosynthesis, notes:

The Virginia Interfaith Center supports this bill.

Posted 54 months ago.
Nonprofit NoVA, tracking this bill in Photosynthesis, notes:

Support. Nonprofit NoVA has taken lead in addressing the foreclosure crisis hurting NoVA families and neighborhoods, communicating with those who are at risk of foreclosure to link them with organizations and legal counsel they can count on to have their best interests in mind. This legislation is intended to prevent additional crises by ensuring that brokers work in their clients best interest. SB1020

Posted 53 months ago.