HCS SB 538 -- MORTGAGES AND MORTGAGE BROKERS

SPONSOR:  Yeckel (Luetkemeyer)

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

This substitute allows licensed residential mortgage brokers the
option of providing a $100,000 surety bond or $100,000
irrevocable letter of credit instead of an annual audit to the
Director of the Division of Finance.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill is necessary to
correct technical errors in existing mortgage law and to rectify
problems with financial examination procedures used by the
Division of Finance on financial institutions that engage in
mortgage transactions.

Testifying for the bill were Senator Yeckel; and Missouri
Association of Mortgage Professionals.

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