R. Creigh Deeds
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.
Continued to 2021 in Labor and Commerce
Referred to Committee on Labor and Commerce
Read first time
Placed on Calendar
Read third time and passed Senate (39-Y 0-N)
Read second time and engrossed
Constitutional reading dispensed (40-Y 0-N)
Reported from Commerce and Labor (14-Y 0-N 1-A)
Impact statement from SCC (SB291)
Prefiled and ordered printed; offered 01/08/20 20103636D
Referred to Committee on Commerce and Labor
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