Originator Exemption Mortgages To Family Members
| Type | Bill |
|---|---|
| Session | 2017 Regular Session |
| Subjects |
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.
Bill Summary:
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.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 17-127 to the Committee of the Whole. | The motion passed on a vote of 10-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 17-127 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 7-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/06/2017 | Third Reading | BILL |
63
AYE
1
NO
1
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 02/10/2017 | Third Reading | BILL |
34
AYE
0
NO
1
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 03/16/2017 | Governor | Governor Signed |
| 03/10/2017 | Governor | Sent to the Governor |
| 03/10/2017 | House | Signed by the Speaker of the House |
| 03/10/2017 | Senate | Signed by the President of the Senate |
| 03/06/2017 | House | House Third Reading Passed - No Amendments |
| 03/03/2017 | House | House Second Reading Passed - No Amendments |
| 02/28/2017 | House | House Committee on Business Affairs and Labor Refer Unamended to House Committee of the Whole |
| 02/13/2017 | House | Introduced In House - Assigned to Business Affairs and Labor |
| 02/10/2017 | Senate | Senate Third Reading Passed - No Amendments |
| 02/09/2017 | Senate | Senate Second Reading Special Order - Passed - No Amendments |
| 02/07/2017 | Senate | Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 01/27/2017 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/09/2017 | 49 | Originator Exemption Mortgages To Family Members |