HB1981 Summary

• Updates reference dates in the Fair Mortgage Lending Act from January 1, 2009 to January 1, 2011 for definitions of exempt persons, loan officers, and mortgage loans citing federal law.

• Adds new licensing application requirements including certified copies of organizational documents, certificates of authority for foreign entities, and disclosures of beneficial interests in affiliated businesses.

• Establishes commissioner authority to approve limited licenses with specific limitations, qualifications, or conditions.

• Adds quarterly reporting requirement for licensed mortgage loan originators and brokers regarding mortgage activity.

• Repeals the transition provision (§ 23-39-517) that provided phased fee requirements for licenses issued or renewed during 2008.