HB 990 -- Residential Mortgage Brokers

Sponsor:  Portwood

This bill contains provisions relating to residential mortgage
brokers.  The bill:

(1)  Defines "continuing education" and establishes standards to
be met in order to comply with the continuing education
requirements;

(2)  Removes the definition pertaining to employed or contracted
persons assisting in the activities performed by a licensed
broker;

(3)  Defines "loan originator" and "residential loan originator
license certification course";

(4)  Exempts certain financial institutions from the loan
originator licensing requirements;

(5)  Exempts from the licensing requirements those persons
currently holding mortgage broker or loan originator licenses
prior to the effective date of the bill;

(6)  Requires all license applications to include evidence of
satisfactory completion of the residential loan originator
license certification course and examination;

(7)  Requires loan originator licensees to deliver their licenses
to their current employer and notify the Director of Finance in
the Department of Economic Development.  In the case where
employment is terminated, the licensee will return his or her
license to the director with a written explanation of the reasons
for termination; and

(8)  Requires all renewal applications to include evidence of
completion of all continuing education requirements.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am