Did not become law. It stopped in the House of Representatives's Consumer Protection Committee on June 28, 2007. The 2007 session has ended.
2007 Regular Session
House Bill 3029
Adds independent contractor to definition of "loan originator" and specifies conditions under which mortgage banker or mortgage broker may treat individual as independent contractor for purposes of regulating mortgage loan transactions.
What it does
The synopsis the Legislative Assembly published with the bill.
Adds independent contractor to definition of "loan originator" and specifies conditions under which mortgage banker or mortgage broker may treat individual as independent contractor for purposes of regulating mortgage loan transactions. Provides for denial, suspension, conditioning or revocation of mortgage banker's or mortgage broker's license for failure to comply with certain federal laws and regulations or for employing or contracting with loan originators who do not meet educational requirements. Permits Director of Department of Consumer and Business Services to require compliance with other federal laws and regulations. Allows individual loan originator to elect treatment as employee or independent contractor and requires mortgage banker and mortgage broker to provide list with election for each loan originator to director. Provides that mortgage broker or mortgage banker is not employer of loan originator providing services related to mortgage loan or residential mortgage transaction as independent contractor. Prohibits loan originator electing to provide services as independent contractor from receiving workers' compensation benefits under most circumstances. Declares emergency, effective on passage.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the House of Representatives
Sponsor
Its course
March 5 to June 28, 2007, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action3 actions on 3 days
In the House of RepresentativesMar 5 to Jun 28 · stopped115 days
Waiting for a committeeMar 5 to Mar 94 days
Consumer ProtectionMar 9 to Jun 28 · stopped111 days
Text
Each version as the Legislative Assembly printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.
In the House of Representatives Mar 5 – Jun 28
- Mar 5Introduced
- Mar 9Sent to Consumer Protection
- Jun 28Died when the session ended
All 3 actions, as published
- Mar 5First reading. Referred to Speaker's desk.House of Representatives
- Mar 9Referred to Consumer Protection.House of Representatives
- Jun 28In committee upon adjournment.House of Representatives