Mortgage Lender and Broker Act; definition of principal. (SB294)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville) with support from co-patrons Del. Steve Landes (R-Weyers Cave), and Sen. John Edwards (D-Roanoke)

Description

Mortgage Lender and Broker Act; definition of principal.  Provides that a principal, for purposes of the Mortgage Lender and Broker Act, means a person who, directly or indirectly, owns or controls a 10 percent or greater interest in a corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. Currently, a principal is a person who, directly or indirectly, owns or controls a 10 percent or greater interest in a stock corporation, nonstock corporation, or limited liability company.   View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.