Mortgage loan originators; conforms Virginia statutory law to federal regulations. (SB994)
Introduced By
Sen. John Watkins (R-Midlothian)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Mortgage loan originators. Conforms Virginia statutory law to federal regulations implementing the Secure and Fair Enforcement for Mortgage Licensing Act. Changes include (i) expanding the definition of a mortgage loan originator to include an individual who represents to the public that he can or will take an application for, or offer or negotiate the terms of, a residential mortgage loan; (ii) clarifying that when an individual acts as a loan originator in financing the sale of his own residence, he is exempt from licensing requirements; (iii) specifying conditions under which an attorney engaged in mortgage loan origination activities is exempt from licensing requirements; and (iv) defining the term "employee." This bill is a recommendation of the Virginia Housing Commission. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/08/2013 | Prefiled and ordered printed; offered 01/09/13 |
| 01/08/2013 | Prefiled and ordered printed; offered 01/09/13 13103427D |
| 01/08/2013 | Referred to Committee on Commerce and Labor |
| 01/13/2013 | Impact statement from SCC (SB994) |
| 01/14/2013 | Reported from Commerce and Labor with amendment (15-Y 0-N) (see vote tally) |
| 01/16/2013 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
| 01/17/2013 | Read second time |
| 01/17/2013 | Reading of amendment waived |
| 01/17/2013 | Committee amendment agreed to |
| 01/17/2013 | Engrossed by Senate as amended SB994E |
| 01/17/2013 | Printed as engrossed 13103427D-E |
| 01/18/2013 | Read third time and passed Senate (38-Y 0-N) (see vote tally) |
| 01/21/2013 | Impact statement from SCC (SB994E) |
| 01/25/2013 | Placed on Calendar |
| 01/25/2013 | Read first time |
| 01/25/2013 | Referred to Committee on Commerce and Labor |
| 02/07/2013 | Reported from Commerce and Labor (20-Y 0-N) (see vote tally) |
| 02/11/2013 | Read second time |
| 02/12/2013 | Read third time |
| 02/12/2013 | Passed House BLOCK VOTE (100-Y 0-N) |
| 02/12/2013 | VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally) |
| 02/15/2013 | Enrolled |
| 02/15/2013 | Bill text as passed Senate and House (SB994ER) |
| 02/15/2013 | Signed by Speaker |
| 02/17/2013 | Impact statement from SCC (SB994ER) |
| 02/18/2013 | Signed by President |
| 03/14/2013 | G Approved by Governor-Chapter 380 (effective 7/1/13) |
| 03/14/2013 | G Acts of Assembly Chapter text (CHAP0380) |