Sunset Process - House Business Affairs and Labor Committee. The bill implements the recommendations of the department of regulatory agencies in its sunset review of the board of mortgage loan originators.
Sections 1 and 2 ( Recommendation 1 ) of the bill continue the board for 11 years, until September 1, 2029.
Section 3 ( Recommendation 2 ) commences the 60-day period within which the board must act on a license application on the date when all information, including supplementary information, necessary to process the application has been received rather than on the date when the application is first received.
Section 3 ( Recommendation 3 ) also aligns the educational requirements for initial licensure as an MLO with the educational requirements of the federal 'Secure and Fair Enforcement for Mortgage Licensing Act of 2008' (the 'SAFE Act').
Section 4 ( Recommendation 4 ) aligns the standards for disqualifying prior convictions with the corresponding standards in the SAFE Act and applies those standards to renewal and revocation as well as initial licensure.
Section 5 ( Recommendation 5 ) allocates one of the 3 seats on the board that is assigned to mortgage loan originators (MLOs) to an MLO representing a small Colorado-based mortgage company that primarily brokers mortgage loans.
(Note: This summary applies to this bill as introduced.)