Mortgage brokers; dual compensation. (SB303)

Introduced By

Sen. Creigh Deeds (D-Bath)

Progress

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

Description

Mortgage brokers; dual compensation. Removes provisions prohibiting a person from acting as mortgage broker in connection with any real estate sales transaction in which such person has acted as a real estate broker or real estate salesperson and has received or will receive compensation in connection with such transaction. The bill provides that if a mortgage broker negotiates, places, or finds a mortgage loan and acts as a real estate broker or real estate salesperson in connection with the sale of the real estate that secures such loan, the mortgage broker is required to conspicuously provide to the borrower a written disclosure at the time the mortgage broker services are first offered to the borrower. Read the Bill »

Status

01/17/2022: passed committee

History

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22101215D
01/11/2022Referred to Committee on Commerce and Labor
01/17/2022Impact statement from SCC (SB303)
01/17/2022Reported from Commerce and Labor (15-Y 0-N)
01/19/2022Constitutional reading dispensed (40-Y 0-N)

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