Mortgage loan originators; exempts retailers of manufactured or modular homes, etc. (SB785)
Introduced By
Sen. Lynwood Lewis (D-Accomac)
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
| Date | Action |
|---|---|
| 01/08/2020 | Prefiled and ordered printed; offered 01/08/20 20104068D |
| 01/08/2020 | Referred to Committee on Commerce and Labor |
| 01/13/2020 | Impact statement from SCC (SB785) |
| 02/10/2020 | Continued to 2021 in Commerce and Labor (15-Y 0-N) (see vote tally) |
| 12/04/2020 | Left in Commerce and Labor |
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