HB1084 Summary

• Adds two new sections to Chapter 454M requiring mortgage servicers to submit a $500 nonrefundable application fee and receive commissioner approval before any change of control occurs.

• Establishes that an individual is presumed to control a mortgage servicer if they are an executive officer or a director/general partner/managing member with voting rights or power to sell 10% or more of voting securities.

• Adds definition of "executive officer" as a president, chairperson of executive committee, senior officer responsible for business, chief financial officer, or similar position.

• Updates disclosure requirements for mortgage servicer applicants to remove employees, managers, and agents from certain criminal history reporting provisions while retaining executive officers, directors, general partners, and managing members.

• Effective date is July 1, 2112.