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HI HB2320
Bill
Status
1/27/2016
Primary Sponsor
Joseph Souki
Click for details
AI Summary
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Adds four new definitions to escrow depository regulations: "control" (ownership or voting power of 25% or more), "controlling person," "NMLS" (the Nationwide Mortgage Licensing System), and "principal" (managers and supervisory personnel).
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Authorizes the commissioner to enter into agreements with NMLS operators, require escrow depositories to register with NMLS, and waive or modify chapter requirements as necessary for NMLS participation.
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Establishes new requirements for change of control applications, including filing fees, disclosure of five-year litigation and criminal conviction history, and criminal background checks of controlling persons and key officers.
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Changes the escrow depository license renewal date from July 1 to December 31 to align with NMLS standards.
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Adds criminal background check requirements for applicants and persons subject to licensure under chapter 449, and amends section 846-2.7 to include escrow depository applicants and change-of-control applicants in the list of entities authorized to conduct criminal history record checks.
Legislative Description
Escrow Depositories; Division of Financial Institutions; Chapter 449D; Chapter 846; Change In Control; Controlling Person; NMLS; Principal; Transfer or Sale; Fee; Criminal Background Check
Last Action
Passed Second Reading and referred to the committee(s) on JUD with none voting aye with reservations; none voting no (0) and Representative(s) Nakashima, Thielen, Tokioka excused (3).
2/19/2016