HB 6800 Summary

• Adds mortgage correspondent lenders to exemption from licensing requirements while servicing residential mortgage loans they originated, provided they meet bonding requirements and hold the loan for no more than 90 days.

• Expands small loan usury protections by voiding loan contracts that charge excess interest, prohibiting aiding or abetting usury violations, and extending enforcement authority to all violations not just those in subsection (a).

• Defines "virtual currency" as any digital unit used as medium of exchange or stored value, including centralized and decentralized forms, and grants commissioner authority to deny licenses and impose additional requirements for applicants transmitting virtual currency.

• Establishes consumer security freezes on credit reports, allowing placement within 5 business days and temporary or permanent removal with proper identification and personal identification number, with exceptions for certain entities and transactions.

• Exempts security freeze fees for identity theft victims, domestic violence victims, seniors (62+), minors, guardianship cases, and their covered dependents, while allowing up to $10 per freeze action and $12 for freeze lifts for specific parties.