Mortgage loan originator for residential mortgage loan; allows for exception under definition. (SB786)

Introduced By

Sen. John Watkins (R-Midlothian)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Definition of mortgage loan originator for residential mortgage loan; exception.  Allows for a limited exception under the mortgage loan originator definition for an individual who is employed by a housing counseling organization certified or approved by the U.S. Department of Housing and Urban Development and who assists borrowers in default, or imminent default, on their residential mortgages by negotiating or offering terms of such loans but does not otherwise engage in activities for which a license is required. This bill is recommended by the Virginia Housing Commission. Read the Bill »


Bill Has Passed


12/28/2010Prefiled and ordered printed; offered 01/12/11 11101257D
12/28/2010Referred to Committee on Commerce and Labor
01/17/2011Reported from Commerce and Labor (13-Y 0-N) (see vote tally)
01/19/2011Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/20/2011Read second time and engrossed
01/21/2011Read third time and passed Senate (35-Y 0-N) (see vote tally)
01/21/2011Reconsideration of passage agreed to by Senate (35-Y 0-N) (see vote tally)
01/21/2011Passed Senate (35-Y 0-N) (see vote tally)
02/07/2011Placed on Calendar
02/07/2011Read first time
02/07/2011Referred to Committee on Commerce and Labor
02/08/2011Impact statement from DPB (SB786)
02/15/2011Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/17/2011Read second time
02/18/2011Read third time
02/18/2011Passed House BLOCK VOTE (95-Y 0-N)
02/18/2011VOTE: BLOCK VOTE PASSAGE (95-Y 0-N) (see vote tally)
02/24/2011Bill text as passed Senate and House (SB786ER)
02/24/2011Impact statement from DPB (SB786ER)
02/24/2011Signed by Speaker
02/24/2011Signed by President
03/20/2011G Approved by Governor-Chapter 301 (effective 7/1/11)
03/20/2011G Acts of Assembly Chapter text (CHAP0301)


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 50 seconds.


Virginia Housing Coalition, tracking this bill in Photosynthesis, notes:

The Virginia Housing Coalition is actively supporting this bill.