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)

Progress

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

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. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2010Prefiled and ordered printed; offered 01/13/10 10101392D
01/12/2010Referred to Committee on Commerce and Labor
01/20/2010Impact statement from SCC (SB294)
01/25/2010Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
01/27/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/28/2010Read second time and engrossed
01/29/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/08/2010Placed on Calendar
02/08/2010Read first time
02/08/2010Referred to Committee on Commerce and Labor
02/23/2010Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/25/2010Read second time
02/26/2010Read third time
02/26/2010Passed House BLOCK VOTE (96-Y 0-N)
02/26/2010VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally)
03/05/2010Enrolled
03/05/2010Bill text as passed Senate and House (SB294ER)
03/05/2010Signed by Speaker
03/08/2010Signed by President
03/08/2010Impact statement from SCC (SB294ER)
04/12/2010G Approved by Governor-Chapter 665 (effective 7/1/10)
04/12/2010G Acts of Assembly Chapter text (CHAP0665)