Mortgage loan originators; inactive licenses. (HB125)

Introduced By

Del. Danny Marshall (R-Danville) with support from co-patron Del. Marcus Simon (D-Falls Church)

Progress

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

Description

Mortgage loan originators; inactive licenses. Authorizes the State Corporation Commission (SCC) to issue an inactive mortgage loan originator license to an individual who has satisfied all requirements for licensure except those pertaining to his surety bond. Similarly, the measure authorizes the SCC to renew, on an inactive basis, the mortgage loan originator license of an individual who has satisfied all requirements for license renewal except those pertaining to his surety bond. A licensee with an inactive license is prohibited from engaging in the business of a mortgage loan originator until the SCC determines that the bonding requirements have been satisfied and has updated his status in the Nationwide Mortgage Licensing System ad Registry. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/16/2015Committee
12/16/2015Prefiled and ordered printed; offered 01/13/16 16101954D
12/16/2015Referred to Committee on Commerce and Labor
01/19/2016Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
01/21/2016Read first time
01/25/2016Impact statement from SCC (HB125)
01/25/2016Read second time and engrossed
01/26/2016Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/26/2016VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/27/2016Constitutional reading dispensed
01/27/2016Referred to Committee on Commerce and Labor
02/22/2016Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2016Read third time
02/25/2016Passed Senate (40-Y 0-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB125ER)
02/29/2016Signed by Speaker
03/01/2016Impact statement from SCC (HB125ER)
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/11/2016G Approved by Governor-Chapter 330 (effective 7/1/16)
03/11/2016G Acts of Assembly Chapter text (CHAP0330)