Mortgage lenders and mortgage brokers, licensed; posting license. (HB968)

Introduced By

Del. Glenn Davis (R-Virginia Beach)

Progress

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

Description

Mortgage lenders and mortgage brokers; posting license. Eliminates the requirement that a licensed mortgage lender or mortgage broker prominently post his license in each office of the licensee. The measure requires such a licensee to display proof of licensing upon request and to prominently display at any location where he conducts business in person with a borrower or prospective borrower the telephone number and website address for the Commission where borrowers and prospective borrowers may confirm the status of his license. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2016Committee
01/12/2016Prefiled and ordered printed; offered 01/13/16 16102459D
01/12/2016Referred to Committee on Commerce and Labor
01/19/2016Impact statement from SCC (HB968)
01/21/2016Assigned to sub: Subcommittee #2
01/21/2016Assigned C & L sub: Subcommittee #2
01/28/2016Subcommittee recommends reporting (11-Y 0-N)
02/02/2016Reported from Commerce and Labor with amendments (22-Y 0-N) (see vote tally)
02/04/2016Read first time
02/05/2016Read second time
02/05/2016Committee amendments agreed to
02/05/2016Engrossed by House as amended HB968E
02/05/2016Printed as engrossed 16102459D-E
02/08/2016Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/08/2016VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/09/2016Impact statement from SCC (HB968E)
02/09/2016Constitutional reading dispensed
02/09/2016Referred to Committee on Commerce and Labor
02/22/2016Reported from Commerce and Labor (14-Y 1-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 (39-Y 1-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB968ER)
02/29/2016Signed by Speaker
03/01/2016Impact statement from SCC (HB968ER)
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 360 (effective 7/1/16)
03/11/2016G Acts of Assembly Chapter text (CHAP0360)

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 1 minute.

Transcript

This is a transcript of the video clips in which this bill is discussed.



Sen. Frank Ruff (R-Clarksville): RETROFIT EXISTING LANDSCAPE MATERIALS.

Del. Bill Howell (R-Fredericksburg): THE QUESTION IS SHALL HOUSE BILL 944 PASS. ALL IN FAVOR OF THE MOTION WILLE S AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CH ANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

[Unknown]: AYES 33, NOS 5. AYES 33, NOS 5. THE BILL PASSS. HOUSE BILL -9D 68. A BILL RELATING TO LICENSE MORTGAGE LENDERS AND BROKERS POSTING LICENSES. REPORTED FROM THE COMMITTEE ON COMMERCE AND LABOR. THE SENIOR SENATOR FROM VIRGINIA BEACH. [NO AUDIO] THANK YOU, MR. PRESIDENT. HOUSE BILL 968 ELIMINATES THE REQUIREMENT THAT A MORTGAGE LENDER OR MORTGAGE COMPANY POST THEIR LICENSE AT THEIR OFFICE OR EACH OF THEIR OFFICE LOCATIONS. HOWEVER, IT DOES REQUIRE THAT SUCH A LICENSE DISPLAY PROOF OF LICENSE ON DISPLAY AND ALSO PROVIDES THAT THEY WEBSITE WHERE THEY CAN GO TO CONFIRM THAT THE LICENSE IN FACT ISSUED. THIS IS DUE TO THE FACT THAT THERE ARE MULTIPLE OFFICES AND EASE AND ALSO STILL ALLOWS THE CONSUMER OR THE BORROWER TO KNOW THAT THE INDIVIDUAL IS LICENSED AND HAVE EASY ACCESS. WITH THAT EXPLANATION I MOVE THE BILL PASS.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE QUESTION IS SHALL HOUSE BILL 968 PASS. ALL IN FAVOR OF THE MOTION WILLE OPPOSED NO. S AYE, THOSE