HCS HB 2201 -- RESIDENTIAL MORTGAGE PROFESSIONALS

SPONSOR:  Cunningham (Cox)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Financial
Institutions by a vote of 12 to 0.

This substitute exempts a financial institution as defined in
Section 381.410, RSMo, from the mortgage broker licensure
requirements until the Nationwide Mortgage Licensing System and
Registry under the Secure and Fair Enforcement (SAFE) for
Mortgage Licensing Act provisions of the federal Housing and
Economic Recovery Act of 2008 is operational.

The definition of "exempt person" is revised to include a direct
or indirect subsidiary or service corporation of a depository
institution.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds in FY 2011, FY 2012, and
FY 2013.

PROPONENTS:  Supporters say that the bill will help financial
institutions to continue making mortgage loans without any
problems.

Testifying for the bill were Representative Cox; and Missouri
Association of Mortgage Brokers.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm