HI HB2386

Clarifies that consumers can recover from the Mortgage Loan Recovery Fund for fraud, misrepresentation, or deceit by both mortgage loan originator licensees and mortgage loan originator company licensees

Increases the maximum restitution available from the Mortgage Loan Recovery Fund from $100,000 to $150,000 per licensee

Authorizes the division to spend up to $50,000 annually from fund balances exceeding $1,500,000 for training division staff and attorneys on residential mortgage industry issues, providing licensee training, publishing educational materials for licensees, and educating consumers about residential mortgage loans

Maintains existing fee structure: $200 fee for initial mortgage loan originator licenses and $100 fee for license renewals, with the renewal fee refundable if the license is denied

Takes effect July 1, 2024