SB 179 -- MORTGAGE BROKERS

SPONSOR:  Rohrbach (Wagner)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Banks and Financial Institutions by a vote of 19 to 0.

This bill exempts residential mortgage brokers from filing
annual audits if they have posted a surety bond in an amount of
$100,000.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the optional surety bond
allowed by the bill would streamline procedures for the
licensing of mortgage brokers within the Division of Finance and
would be less onerous on mortgage brokers as well.  Supporters
believe that bonding would also provide greater consumer
protection and would be easier for the division to administer
than the current system, which only allows yearly audits for
licensure.

Testifying for the bill were Senator Rohrbach; Missouri
Association of Mortgage Professionals; and Mortgage Bankers'
Association.

OPPONENTS:  There was no opposition voiced to the committee.

Greg Linhares, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:47 am