SB 1105 Summary

• Changes mortgage loan recovery fund claims to require a final court judgment rather than an order, and limits coverage to fraud, misrepresentation, or deceit violations of Chapter 454F.

• Simplifies recovery fund fees to a uniform $200 per mortgage loan originator licensee at application and $100 at renewal, eliminating separate fees for principal offices, branch offices, and originator companies.

• Authorizes the Commissioner of Financial Institutions to consider and approve applications directly from aggrieved persons who hold final judgments, in addition to court-ordered payments from the fund.

• Maintains the $750,000 funding threshold at which the commissioner may adjust fees or cease payments, with payment resumption if funding falls below $750,000.

• Takes effect July 1, 2021.