OR SB275 | 2015 | Regular Session
Status
Completed Legislative Action
Sponsorship: Unknown
Status: Failed on July 6 2015 - 100% progression
Action: 2015-07-06 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Sponsorship: Unknown
Status: Failed on July 6 2015 - 100% progression
Action: 2015-07-06 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Summary
Requires mortgage loan servicers to obtain license or endorsement and requires other persons that engage in business as mortgage loan servicers to obtain endorsement. Specifies considerations Director of Department of Consumer and Business Services may use in deciding whether to issue license or endorsement. Requires applicant for license or endorsement to file corporate surety bond or irrevocable letter of credit with, and to provide proof of financial responsibility to, director and to notify director of certain changes to mortgage loan servicer's operations or governance. Provides that director may adjust amount of bond required. Subjects mortgage loan servicer's books and records to director's examination or examination that Conference of State Bank Supervisors conducts. Permits director to take temporary possession and control of, or to direct sale of, mortgage loan servicer's assets] petition court to appoint receiver to manage mortgage loan servicer's affairs in certain circumstances. Requires mortgage loan servicer to maintain escrow account for funds from borrowers in this state and directs mortgage loan servicer to segregate funds in escrow account from all of mortgage loan servicer's other funds. Prohibits certain practices and otherwise subjects mortgage loan servicers to regulations of similar nature and extent as regulations to which mortgage bankers and mortgage brokers are subject. Becomes operative January 1, 2016. Declares emergency, effective on passage.
Title
Relating to regulating mortgage loan servicers; declaring an emergency.
Sponsors
| No sponsor information available at this time. |
Roll Calls
2015-04-20 - Senate - Senate Committee Do pass with amendments and requesting referral to Ways and Means. (Printed A-Engrossed.) (Y: 3 N: 2 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2015-07-06 | Senate | In committee upon adjournment. |
| 2015-04-29 | Senate | Minority Recommendation: Do pass with different amendments. (Printed A-Eng. Minority) Refer to Ways and Means. |
| 2015-04-29 | Senate | Recommendation: Do pass with amendments. (Printed A-Eng). Requesting referral to Ways & Means. Referred to Ways and Means by order of the President. (not concurring Girod, Thomsen) |
| 2015-04-20 | Senate | Public Hearing and Work Session held. |
| 2015-03-18 | Senate | Public Hearing held. |
| 2015-01-20 | Senate | Referred to Business and Transportation. |
| 2015-01-12 | Senate | Introduction and first reading. Referred to President's desk. |
