HB2312 Summary

• Removes requirements for financial institution and enterprise licensees to physically display licenses conspicuously at business locations and branch offices.

• Modifies application and renewal procedures for mortgage brokers, mortgage bankers, commercial mortgage bankers, and loan originators by removing "immediately" notification requirements and replacing them with 15-calendar-day notification periods for address changes.

• Eliminates obsolete transitional provisions for mortgage broker and mortgage banker license renewals that referenced specific dates in 2008-2009.

• Removes requirements for licensees to surrender licenses to the superintendent upon termination for several financial institution categories including consumer lenders, debt management companies, and escrow agents.

• Clarifies that the Department of Insurance director may make license and authorization information available electronically and updates outdated statutory language throughout the chapter.