Mortgage loan originators; exempts retailers of manufactured or modular homes, etc. (SB785)

Introduced By

Sen. Lynwood Lewis (D-Accomac)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Failed


01/08/2020Prefiled and ordered printed; offered 01/08/20 20104068D
01/08/2020Referred to Committee on Commerce and Labor
01/13/2020Impact statement from SCC (SB785)
02/10/2020Continued to 2021 in Commerce and Labor (15-Y 0-N) (see vote tally)
12/04/2020Left in Commerce and Labor

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