Mortgage loan originators; conforms Virginia statutory law to federal regulations. (SB994)

Introduced By

Sen. John Watkins (R-Midlothian)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/08/2013Prefiled and ordered printed; offered 01/09/13
01/08/2013Prefiled and ordered printed; offered 01/09/13 13103427D
01/08/2013Referred to Committee on Commerce and Labor
01/13/2013Impact statement from SCC (SB994)
01/14/2013Reported from Commerce and Labor with amendment (15-Y 0-N) (see vote tally)
01/16/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/17/2013Read second time
01/17/2013Reading of amendment waived
01/17/2013Committee amendment agreed to
01/17/2013Engrossed by Senate as amended SB994E
01/17/2013Printed as engrossed 13103427D-E
01/18/2013Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/21/2013Impact statement from SCC (SB994E)
01/25/2013Placed on Calendar
01/25/2013Read first time
01/25/2013Referred to Committee on Commerce and Labor
02/07/2013Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/11/2013Read second time
02/12/2013Read third time
02/12/2013Passed House BLOCK VOTE (100-Y 0-N)
02/12/2013VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/15/2013Bill text as passed Senate and House (SB994ER)
02/15/2013Signed by Speaker
02/17/2013Impact statement from SCC (SB994ER)
02/18/2013Signed by President
03/14/2013G Approved by Governor-Chapter 380 (effective 7/1/13)
03/14/2013G Acts of Assembly Chapter text (CHAP0380)


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.