Mortgage brokers; prohibition on dual compensation. (SB291)

Introduced By

Sen. Creigh Deeds (D-Bath)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Mortgage brokers; prohibition on dual compensation. Clarifies the existing provisions that prohibit a licensed mortgage broker from negotiating, placing, or finding a mortgage loan that will be used to finance the purchase of residential property if the mortgage broker or its affiliate is acting as a real estate broker, agent, salesman, or firm in connection with the sale of the property that will secure the loan and receiving a commission or other thing of value for such services. Mortgage brokers who were licensed by the State Corporation Commission as of February 25, 1989, remain exempt from the prohibition if they furnish the prescribed written notice to the borrower. Read the Bill »


Bill Has Failed


01/03/2020Prefiled and ordered printed; offered 01/08/20 20103636D
01/03/2020Referred to Committee on Commerce and Labor
01/07/2020Impact statement from SCC (SB291)
01/20/2020Reported from Commerce and Labor (14-Y 0-N 1-A) (see vote tally)
01/22/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/23/2020Read second time and engrossed
01/24/2020Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/13/2020Placed on Calendar
02/13/2020Read first time
02/13/2020Referred to Committee on Labor and Commerce
02/18/2020Continued to 2021 in Labor and Commerce
12/04/2020Left in Labor and Commerce

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