SB149 Summary

• Amends the definition of "branch office" to clarify that it includes net branches and any location where mortgage business is conducted, including those identified through employee actions or public perception

• Allows loan officers to work remotely from unlicensed locations under terms and conditions imposed by the Securities Commissioner through rule or order

• Modifies the process for name or address changes by requiring 30 days' advance notice to the commissioner instead of reporting changes within 30 days after they occur, and eliminates late fees for non-compliance

• Requires mortgage brokers, bankers, and servicers to establish and maintain written cybersecurity and physical security policies tailored to their size and sophistication

• Replaces Social Security number requirement with federal employer identification number for mortgage banker, broker, and servicer applicants; repeals provision allowing general partners and LLC managers to automatically qualify as loan officers