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HI SB646
Bill
Status
3/8/2011
Primary Sponsor
Rosalyn Baker
Click for details
AI Summary
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Requires persons subject to chapter 454F to include their Nationwide Mortgage Licensing System unique identifier on all residential mortgage loan applications submitted to escrow depositories.
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Prohibits escrow depositories from accepting residential mortgage loan documents that do not include the required unique identifier.
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Mandates escrow depositories verify the validity of unique identifiers and report invalid identifiers to the commissioner within five days.
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Adds new grounds for license revocation or suspension, including knowingly failing to verify unique identifiers or report invalid ones included on mortgage applications.
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Effective date: July 1, 2050.
Legislative Description
Escrow Depositories; Nationwide Mortgage Licensing System Unique Identifier
Last Action
(H) The committee(s) recommends that the measure be deferred.
3/14/2011