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

Introduced By

Sen. John Watkins (R-Midlothian)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


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)
02/23/2012Bill 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)


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.


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.