HB 1950 -- Licensure of Loan Officers

Sponsor:  Komo

This bill authorizes the licensure of loan officers under the
newly established Board of Loan Officers within the Department of
Insurance, Financial Institutions, and Professional Registration.
In its main provisions, the bill:

(1)  Specifies the membership and duties of the board and the
criteria for the appointment of members and their term of office;

(2)  Creates within the state treasury the Loan Officers Fund for
the deposit of moneys received by the board;

(3)  Requires persons desiring to be loan officers to be licensed
by the board and prohibits a business from employing any person
providing those services unless he or she is licensed;

(4)  Authorizes the board to refuse to issue, renew, or reinstate
a license and to file complaints with the Administrative Hearing
Commission for causes specified in the bill; and

(5)  Requires applicants for licensure as a loan officer to
submit to and pay for a criminal background check.

Anyone violating the provisions of the bill will be guilty of a
class A misdemeanor.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm