Mortgage loan originators; exempts retailers of manufactured or modular homes, etc. (HB562)

Introduced By

Del. Danny Marshall (R-Danville)

Progress

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

Description

Mortgage loan originators; exemption. Exempts retailers of manufactured or modular homes and employees of such retailers from the licensing and other requirements applicable to mortgage loan originators. The exemption applies if the retailer or employee (i) does not receive compensation or gain for engaging in certain activities that exceeds any compensation or gain received in a comparable cash transaction; (ii) makes certain disclosures; and (iii) does not directly negotiate loan terms with the consumer or lender. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2020Committee
01/06/2020Prefiled and ordered printed; offered 01/08/20 20103340D
01/06/2020Referred to Committee on Labor and Commerce
01/10/2020Impact statement from SCC (HB562)
02/04/2020Tabled in Labor and Commerce (16-Y 0-N) (see vote tally)

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