HB 2267 Summary

• Requires mortgage loan originator companies to maintain principal places of business and branch offices open during regular business hours (Monday-Friday, 8:00 a.m. to 4:30 p.m., excluding state holidays) for public access and regulatory examinations.

• Removes exemptions for individuals who offer or negotiate residential mortgage loans involving their own residences, vacation homes, inherited family property, or loans to immediate family members.

• Clarifies that branch managers must be physically present at their assigned office and prohibits a single branch manager from overseeing multiple branch offices or principal places of business.

• Requires mortgage loan originator companies and mortgage servicer companies to register with the business registration division of the Department of Commerce and Consumer Affairs as a condition of license renewal.

• Adds five new definitions (elder, offers or negotiates terms of residential mortgage loan, principal office, regular business hours, and sole proprietorship) and makes technical amendments to align terminology and exemptions under the Secure and Fair Enforcement for Mortgage Licensing Act.