SB 283 Summary

• Expands definition of "branch office" for mortgage lenders to include mortgage loan originators, not just mortgage lenders, correspondents, and brokers

• Modifies "consumer collection agency" definition to exclude delinquent debt secured by real property and clarifies exemptions for banks and their subsidiaries

• Updates debt negotiation licensing requirements, including surety bond amounts ($50,000-$150,000) based on aggregate residential mortgage loan volumes negotiated by sponsored mortgage loan originators

• Corrects regulatory citations throughout banking statutes from outdated CFR 226 references to current 12 CFR 1026 (Truth-in-Lending regulations)

• Adds protection for mortgagors in good standing: requires mortgagees to issue certificates of good standing to mortgagors who complete foreclosure mediation and remain current on payments for 3+ years