HB 2134 -- Agency Relationship with Mortgage Brokers

Sponsor:  Zweifel

This bill requires mortgage brokers to disclose whether or not
they are acting as an agent for any person they are attempting to
obtain a mortgage loan for before obtaining any personal
information from the borrower.

A mortgage broker with an agency relationship with a borrower
must:

(1)  Act in the borrower's best interest and use reasonable care
in performing duties;

(2)  Carry out all lawful instructions;

(3)  Disclose all material facts that might reasonably affect the
intended benefit from the mortgage loan; and

(4)  Disclose fees charged and any of the borrower's moneys or
property received by the broker for acting as the agent.

Any mortgage broker who violates the provisions of the bill will
be guilty of a class B misdemeanor and liable for damages caused
to the borrower.

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