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SB 291

  • Virginia Senate Bill
  • 2020 Regular Session
  • Introduced in Senate Jan 03, 2020
  • Passed Senate Jan 24, 2020
  • House
  • Governor

Mortgage brokers; prohibition on dual compensation.


Mortgage brokers; prohibition on dual compensation. Clarifies the existing provisions that prohibit a licensed mortgagebroker from negotiating, placing, or finding a mortgage loan thatwill be used to finance the purchase of residential property if themortgage broker or its affiliate is acting as a real estate broker,agent, salesman, or firm in connection with the sale of the propertythat will secure the loan and receiving a commission or other thingof value for such services. Mortgage brokers who were licensed by the State Corporation Commission as of February 25, 1989, remainexempt from the prohibition if they furnish the prescribed writtennotice to the borrower.

Bill Sponsors (1)

R. Creigh Deeds

  • Democratic
  • upper
  • 25



Feb 18, 2020


Continued to 2021 in Labor and Commerce

Feb 13, 2020


Referred to Committee on Labor and Commerce


Read first time


Placed on Calendar

Jan 24, 2020


Read third time and passed Senate (39-Y 0-N)

Jan 23, 2020


Read second time and engrossed

Jan 22, 2020


Constitutional reading dispensed (40-Y 0-N)

Jan 20, 2020


Reported from Commerce and Labor (14-Y 0-N 1-A)

Jan 07, 2020


Impact statement from SCC (SB291)

Jan 03, 2020


Prefiled and ordered printed; offered 01/08/20 20103636D


Referred to Committee on Commerce and Labor

Bill Text

Bill Text Versions Format
Impact statement from SCC (SB291) HTML

Related Documents

Document Format
No related documents.


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