Signed by Governor Bill Ritter, Jr.

Vote Smart's Synopsis:

Vote to pass a bill that creates a board of mortgage loan originators and requires mortgage companies to register.

Highlights:

-Authorizes the executive director of the department of regulatory agencies to employ a director of the division of real estate (Sec. 1). -Defines a "mortgage company' as a person, other than an individual who, through employees or other individuals, takes residential loan applications or offers or negotiates terms of a residential mortgage loan (Sec. 3). -Establishes a board of mortgage loan originators consisting of five members appointed by the governor with the consent of the senate, and shall exercise all of the rule-making, enforcement, and administrative authority of the director (Sec. 4). -Requires each mortgage company to register with the Nationwide Mortgage Licensing System and Registry and renew their registration each calendar year (Sec. 6). -Authorizes the board to inactivate a license if an individual does not meet the insurance requirements, violates any of the board's rules, or fails to meet testing or education requirements (Sec. 7). -Exempts individuals who negotiate the mortgage on their personal dwelling, banks, savings associations, and credit unions from the registration requirements (Sec. 10). -Authorizes the board to (Sec. 13):

-Deny an application for registration; -Refuse to renew, suspend, or revoke registration; -Enter cease-and-desist orders; and -Impose fines.

-Requires the collected fines be transmitted to the state treasurer who will credit them to the Mortgage Company and Loan Originator Licensing Cashfund (Sec. 13). -Specifies that each person required to be licensed or registered must show his or her identifier clearly on all the application forms as well as any other documents specified by the board (Sec. 28). -Appropriates $15,782 for the implementation of this act (Sec. 33).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that creates a board of mortgage loan originators and requires mortgage companies to register.

Highlights:

-Authorizes the executive director of the department of regulatory agencies to employ a director of the division of real estate (Sec. 1). -Defines a "mortgage company' as a person, other than an individual who, through employees or other individuals, takes residential loan applications or offers or negotiates terms of a residential mortgage loan (Sec. 3). -Establishes a board of mortgage loan originators consisting of five members appointed by the governor with the consent of the senate, and shall exercise all of the rule-making, enforcement, and administrative authority of the director (Sec. 4). -Requires each mortgage company to register with the Nationwide Mortgage Licensing System and Registry and renew their registration each calendar year (Sec. 6). -Authorizes the board to inactivate a license if an individual does not meet the insurance requirements, violates any of the board's rules, or fails to meet testing or education requirements (Sec. 7). -Exempts individuals who negotiate the mortgage on their personal dwelling, banks, savings associations, and credit unions from the registration requirements (Sec. 10). -Authorizes the board to (Sec. 13):

-Deny an application for registration; -Refuse to renew, suspend, or revoke registration; -Enter cease-and-desist orders; and -Impose fines.

-Requires the collected fines be transmitted to the state treasurer who will credit them to the Mortgage Company and Loan Originator Licensing Cashfund (Sec. 13). -Specifies that each person required to be licensed or registered must show his or her identifier clearly on all the application forms as well as any other documents specified by the board (Sec. 28). -Appropriates $15,782 for the implementation of this act (Sec. 33).

Full Bill Text