Mortgage Lender and Broker Act; broker duties and liability. (SB1020)
Introduced By
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. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/13/2009 | Prefiled and ordered printed; offered 01/14/09 090045273 |
01/13/2009 | Referred to Committee on Commerce and Labor |
01/20/2009 | Impact statement from SCC (SB1020) |
02/02/2009 | Reported from Commerce and Labor with substitute (14-Y 0-N) (see vote tally) |
02/03/2009 | Committee substitute printed 090314273-S1 |
02/04/2009 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/05/2009 | Read second time |
02/05/2009 | Reading of substitute waived |
02/05/2009 | Committee substitute agreed to 090314273-S1 |
02/05/2009 | Engrossed by Senate - committee substitute SB1020S1 |
02/06/2009 | Passed by for the day |
02/06/2009 | Impact statement from SCC (SB1020S1) |
02/09/2009 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
02/13/2009 | Placed on Calendar |
02/13/2009 | Read first time |
02/13/2009 | Referred to Committee for Courts of Justice |
02/18/2009 | Assigned Courts sub: Civil |
02/18/2009 | Subcommittee recommends reporting |
02/23/2009 | Reported from Courts of Justice (18-Y 3-N) (see vote tally) |
02/24/2009 | Read second time |
02/25/2009 | Read third time |
02/25/2009 | Passed House (89-Y 8-N) |
02/25/2009 | VOTE: --- PASSAGE (89-Y 8-N) (see vote tally) |
03/04/2009 | Enrolled |
03/04/2009 | Bill text as passed Senate and House (SB1020ER) |
03/05/2009 | Impact statement from SCC (SB1020ER) |
03/05/2009 | Signed by President |
03/06/2009 | Signed by Speaker |
03/27/2009 | G Approved by Governor-Chapter 261 (effective 7/1/09) |
03/27/2009 | G Acts of Assembly Chapter text (CHAP0261) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 35 seconds.
Comments
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. HB1776.