House Bill 10 Summary

• Requires background investigations including fingerprint checks by Idaho State Police and FBI for applicants and control persons seeking mortgage broker, mortgage lender, and mortgage loan originator licenses

• Establishes background investigation requirements for certain control persons and revises exemptions for attorneys and accountants engaged in mortgage-related activities

• Revises the volunteer advisory board membership to consist of up to five individuals licensed through NMLSR, with representation from both mortgage lenders and brokers

• Repeals the continuing education requirement for qualified persons in charge while establishing new continuing education standards of at least 8 hours annually for mortgage loan originators

• Prohibits assignment or transfer of licenses and establishes inactive license status provisions for mortgage loan originators whose sponsorship or employment relationships terminate

• Adds prohibited practices including violations of NMLSR conduct standards and obtaining education credit through false pretenses, with penalties enforced through license denial, suspension, or revocation