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SB17-127

Originator Exemption Mortgages To Family Members

Concerning an expansion of the exemption from the requirements that apply to a mortgage loan originator to include up to three loans per year without compensation between family members.
Session:
2017 Regular Session
Subject:
Financial Services & Commerce

Current law defines a mortgage loan originator as an individual who offers or negotiates terms of a residential mortgage loan, including to any family member, but there is an exemption for a parent who acts as a loan originator in providing loan financing to his or her child. The bill expands the exemption to include up to 3 loans per year without compensation, other than interest, between family members, and directs the board of mortgage loan originators to define 'family member' by rule.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/16/2017 Signed Act PDF
    03/10/2017 Final Act PDF
    03/06/2017 Rerevised PDF
    03/03/2017 Revised PDF
    02/10/2017 Reengrossed PDF
    02/09/2017 Engrossed PDF
    01/27/2017 Introduced PDF