Mortgage Lender & Broker Act; SCC to enforce certain laws for home ownership protection. (HB1487)
Introduced By
Del. Terrie Suit (R-Virginia Beach)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Home ownership protection. Authorizes the State Corporation Commission to impose a fine not exceeding $2,500 upon a mortgage lender or mortgage broker that is required to be licensed under the Mortgage Lender and Broker Act for violating any other law or regulation applicable to the conduct of the lender's or broker's business. The Housing Commission is directed to study all new federal legislation pertaining to mortgage lending and brokering, and to determine if they require changes to Virginia law. The measure authorizes the Commission to suspend or revoke a mortgage lender's or broker's license upon its failure promptly to pay when due reasonable fees to a licensed appraiser for appraisal services performed in connection with the origination or closing of a mortgage loan for a customer of the mortgage broker or lender. Other amendments to the Mortgage Lender and Broker Act (i) remove the element of the definition of a mortgage loan that has required the property securing the loan to be owner-occupied; (ii) require the Commission to conduct background checks on every member, senior officer, director, and principal of a licensee; (iii) require licensees to conduct background checks on employees who may have access to or process personal identifying or financial information from a member of the public; (iv) require licensees to ensure that employees are properly trained in applicable state and federal mortgage lending laws and regulations; (v) authorize the Insurance Commissioner to bring actions to enforce specific provisions of the federal RESPA that, pursuant to the federal law, may be enforced by the federal Department of Housing and Urban Development, a state Attorney General, or a state insurance commissioner; and (vi) prohibit the making or brokering of certain types of mortgage loans unless the borrower has completed an approved homeownership education course. Read the Bill »
Status
03/09/2008: Passed the General Assembly
History
| Date | Action |
|---|---|
| 01/17/2008 | Committee |
| 01/17/2008 | Presented and ordered printed 080070744 |
| 01/17/2008 | Referred to Committee on Commerce and Labor |
| 01/30/2008 | Assigned C & L sub: 2 |
| 01/31/2008 | Impact statement from SCC (HB1487) |
| 01/31/2008 | Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally) |
| 02/01/2008 | Committee substitute printed 080172744-H1 |
| 02/04/2008 | Read first time |
| 02/05/2008 | Read second time |
| 02/05/2008 | Committee substitute agreed to 080172744-H1 |
| 02/05/2008 | Engrossed by House - committee substitute HB1487H1 |
| 02/06/2008 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
| 02/06/2008 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
| 02/06/2008 | Communicated to Senate |
| 02/07/2008 | Constitutional reading dispensed |
| 02/07/2008 | Referred to Committee on Commerce and Labor |
| 02/19/2008 | Impact statement from SCC (HB1487H1) |
| 02/25/2008 | Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally) |
| 02/26/2008 | Committee substitute printed 089567744-S1 |
| 02/27/2008 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 02/28/2008 | Read third time |
| 02/28/2008 | Reading of substitute waived |
| 02/28/2008 | Committee substitute agreed to 089567744-S1 |
| 02/28/2008 | Engrossed by Senate - committee substitute HB1487S1 |
| 02/28/2008 | Passed Senate with substitute (40-Y 0-N) |
| 02/29/2008 | Placed on Calendar |
| 03/03/2008 | Passed by for the day |
| 03/04/2008 | Senate substitute agreed to by House 089567744-S1 (99-Y 0-N) |
| 03/04/2008 | VOTE: --- ADOPTION (99-Y 0-N) (see vote tally) |
| 03/06/2008 | Enrolled |
| 03/06/2008 | Bill text as passed House and Senate (HB1487ER) |
| 03/06/2008 | Impact statement from SCC (HB1487S1) |
| 03/06/2008 | Signed by Speaker |
| 03/07/2008 | Impact statement from SCC (HB1487ER) |
| 03/09/2008 | Signed by President |
| 04/11/2008 | Governor's recommendation received by House |
Comments
If Ms. Suit really wants to protect homeowners, she should protect them from abusive Homeowner Associations.
HOAs in Virginia are too powerful and too prone to abuse.
Sections 55-513 and 55-516 of the POAA need to be rewritten. HOAs should NOT have the power to "fine" homeowners in Kangaroo Court proceedings and then sell their homes by nonjudicial foreclosure to collect the "fines."
HOAs should have the same rights as any other party to a contract. If they think a homeowner has violated HOA rules, they should seek an injunction or other relief in a court of competent jurisdiction.
The POAA already provides that if HOAs go to court and WIN, they recover attorney fees and costs from the homeowner.
If they go to court and LOSE, they pay the homeowners costs.
Hey, now that I think of it, maybe that's why HOAs prefer to use their Kangaroo Courts, eh?
What about it Ms. Suit?
PS. See two of Ms Suits other bills: HB 516 and HB 1076. These speak volumes about her real regard for homeowners, or the lack thereof.