SB2850 Summary

• Clarifies regulatory scope by moving mortgage servicer provisions from chapter 454F (mortgage loan originators) to chapter 454M (mortgage servicers) and removing servicer-related references from chapter 454F.

• Adds new confidentiality protections in chapter 454M allowing mortgage servicer information shared with NMLS and regulatory agencies to maintain privilege and confidentiality status under federal and state law.

• Updates federal law references throughout both chapters, including changing "Code of Federal Regulations" citations to "C.F.R." and updating Regulation Z references from 12 C.F.R. part 226 to part 1026.

• Modifies definitions in both chapters to achieve consistency, including defining "dwelling," "mortgage loan," and "loan modification" with identical or parallel language across the two regulatory frameworks.

• Increases mortgage servicer license renewal fee from $425 to $600 and adds new exemption for time share plan developers and their affiliated entities serving loans secured by time share interests.