Senate Bill 1178 Summary

• Creates a 7-member mortgage industry advisory board appointed by the commissioner to advise on residential mortgage industry issues and regulations.

• Board composition includes 4 individuals from mortgage lenders/brokers (with at least 3 from mortgage broker licensees), 1 representative from mortgage industry trade associations, and 2 individuals from businesses providing services to licensees.

• Board members serve 4-year terms (with initial staggered 2-year terms), cannot serve more than 2 consecutive terms, and cannot include more than 1 member from the same licensee or entity.

• Board shall advise commissioner on proposed rules under mortgage-related acts, confidentiality procedures for licensee information, and other issues referred by the commissioner.

• Board members serve without compensation but receive reimbursement for travel and expenses; board must retain meeting minutes for 10 years and make records available to commissioner and public under the Freedom of Information Act.