Summary of the Introduced Bill

HB 1032 -- Licensure of Loan Officers

Sponsor:  Gatschenberger

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

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

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

(3)  Prohibits a licensee from being employed by more than one
mortgage broker at a time;

(4)  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;

(5)  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

(6)  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.

Copyright (c) Missouri House of Representatives

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am