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:
Bill Summary
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.)