Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations. (SB75)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

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

Description

Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations; technical changes.  Allows the SCC to prescribe by regulation what constitutes a bona fide nonprofit organization. Changes "acting as" a mortgage broker to "engages in the business" of a mortgage loan originator and other technical changes. This bill is recommended by the Virginia Housing Commission. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/05/2012Prefiled and ordered printed; offered 01/11/12 12101450D
01/05/2012Referred to Committee on Commerce and Labor
01/16/2012Reported from Commerce and Labor with substitute (16-Y 0-N) (see vote tally)
01/16/2012Committee substitute printed 12104232D-S1
01/17/2012Impact statement from SCC (SB75)
01/18/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/19/2012Read second time
01/19/2012Reading of substitute waived
01/19/2012Committee substitute agreed to 12104232D-S1
01/19/2012Engrossed by Senate - committee substitute SB75S1
01/20/2012Bills placed in block (39-Y 0-N) (see vote tally)
01/20/2012Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/20/2012Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
01/20/2012Passed Senate (39-Y 0-N) (see vote tally)
01/24/2012Impact statement from SCC (SB75S1)
02/13/2012Placed on Calendar
02/13/2012Read first time
02/13/2012Referred to Committee on Commerce and Labor
02/16/2012Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/20/2012Read second time
02/21/2012Passed House BLOCK VOTE (100-0Y 0-N)
02/21/2012Read third time
02/21/2012Passed House BLOCK VOTE (100-Y 0-N)
02/21/2012VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/23/2012Enrolled
02/23/2012Bill text as passed Senate and House (SB75ER)
02/23/2012Impact statement from SCC (SB75ER)
02/23/2012Signed by President
02/23/2012Signed by Speaker
03/08/2012G Approved by Governor-Chapter 187 (effective 7/1/12)
03/08/2012G Acts of Assembly Chapter text (CHAP0187)

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 50 seconds.

Duplicate Bills

The following bills are identical to this one: HB570.

Comments

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

The Virginia Housing Coalition supports this bill that exempts non-profit affordable housing program providers from the expense and effort of licensing. The licensing requirements were aimed at irresponsible mortgage originators, not providers of affordable housing programs.