l9n/ Oregon

2007 Regular Session

House Bill 3387

Requires mortgage loan originators to be licensed by Department of Consumer and Business Services.

Did not become law. It stopped in the House of Representatives's Consumer Protection Committee on June 28, 2007. The 2007 session has ended.

What it does

The synopsis the Legislative Assembly published with the bill.

Requires mortgage loan originators to be licensed by Department of Consumer and Business Services. Exempts certain persons from licensing requirement. Specifies licensing requirements and certain procedures for issuing and renewing license. Specifies contents of licensing document and requires licensee to keep document at office of employer, except licensee not employed by mortgage banker or mortgage broker. Requires licensee and employer to notify department of change in employment. Requires licensee to provide certain disclosures, information and documents to borrower. Requires department to maintain list of licensed loan originators, together with list of complaints and violations against loan originators, and make list available to public. Modifies definition of "loan originator" to exclude independent contractor. Requires department to conduct regular and periodic examinations of loan originators, mortgage brokers and mortgage bankers. Requires mortgage banker and mortgage broker to have secure place of business in state open to director for inspections during normal business hours. Requires fingerprint identification and search through national criminal database in criminal background investigations for loan originator. 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

    1 co-sponsor

    HBL

    Its course

    March 12 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 12 to Jun 28 · stopped108 days

    Waiting for a committeeMar 12 to Mar 164 days

    Consumer ProtectionMar 16 to Jun 28 · stopped104 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 12 – Jun 28

    1. Mar 12Introduced
    2. Mar 16Sent to Consumer Protection
    3. Jun 28Died when the session ended
    All 3 actions, as published
    1. Mar 12First reading. Referred to Speaker's desk.House of Representatives
    2. Mar 16Referred to Consumer Protection.House of Representatives
    3. Jun 28In committee upon adjournment.House of Representatives