Substitute Senate Bill 333 Summary

• Authorizes the Superintendent of Financial Institutions to issue temporary mortgage loan originator licenses valid for up to 120 days to out-of-state applicants with at least two years of lending experience, no prior license revocations, and no disqualifying criminal convictions.

• Establishes similar temporary loan originator licenses for out-of-state loan originators under mortgage broker regulations, with identical experience and criminal history requirements.

• Expands the definition of "loans and extensions of credit" for banks to include credit exposure arising from derivative transactions, and authorizes the superintendent to adopt rules regulating derivative transaction limits and requirements.

• Modifies the Uniform Commercial Funds Transfers law to clarify that sections 1304.51 to 1304.85 apply to remittance transfers defined under the Electronic Fund Transfer Act, unless the remittance transfer is itself an electronic fund transfer, with federal law governing any inconsistencies.

• Requires sponsors (employers) of temporary licensees to supervise them the same as other licensees and notify the division when employment terminates.