l9n/ Oregon

2015 Regular Session

Senate Bill 275

Requires mortgage loan servicers to obtain license or endorsement and requires other persons that engage in business as mortgage loan servicers to obtain endorsement.

Did not become law. It stopped in the Senate's Ways and Means Committee on July 6, 2015. The 2015 session has ended.

What it does

The synopsis the Legislative Assembly published with the bill.

Requires mortgage loan servicers to obtain license or endorsement and requires other persons that engage in business as mortgage loan servicers to obtain endorsement. Specifies considerations Director of Department of Consumer and Business Services may use in deciding whether to issue license or endorsement. Requires applicant for license or endorsement to file corporate surety bond or irrevocable letter of credit with, and to provide proof of financial responsibility to, director and to notify director of certain changes to mortgage loan servicer's operations or governance.<b> Provides that director may adjust amount of bond required.</b> Subjects mortgage loan servicer's books and records to director's examination or examination that Conference of State Bank Supervisors conducts. Permits director to <i>take temporary possession and control of, or to direct sale of, mortgage loan servicer's assets</i>]<b> petition court to appoint receiver to manage mortgage loan servicer's affairs</b> in certain circumstances. Requires mortgage loan servicer to maintain escrow account for funds from borrowers in this state and directs mortgage loan servicer to segregate funds in escrow account from all of mortgage loan servicer's other funds. Prohibits certain practices and otherwise subjects mortgage loan servicers to regulations of similar nature and extent as regulations to which mortgage bankers and mortgage brokers are subject. Becomes operative January 1, 2016. Declares emergency, effective on passage.

Its course

January 12 to July 6, 2015, 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 action7 actions on 6 days

In the SenateJan 12 to Jul 6 · stopped175 days

Waiting for a committeeJan 12 to Jan 208 days

Business and TransportationJan 20 to Apr 2999 days

Ways and MeansApr 29 to Jul 6 · stopped68 days

Amendments

Each amendment offered, and what became of it.

  • Senate committee amendmentAdopted

    Adopted Apr 29

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 Senate Jan 12 – Jul 6

  1. Jan 12Introduced
  2. Jan 20Sent to Business and Transportation
  3. Mar 18Heard in Business and Transportation
  4. Apr 20Heard in Business and Transportation
  5. Apr 29Business and Transportation recommended it as amended, and that it go to Ways and Means
  6. Jul 6Died when the session ended
All 7 actions, as published
  1. Jan 12Introduction and first reading. Referred to President's desk.Senate
  2. Jan 20Referred to Business and Transportation.Senate
  3. Mar 18Public Hearing held.Senate
  4. Apr 20Public Hearing and Work Session held.Senate
  5. Apr 29Recommendation: Do pass with amendments. (Printed A-Eng). Requesting referral to Ways & Means. Referred to Ways and Means by order of the President. (not concurring Girod, Thomsen)Senate
  6. Apr 29Minority Recommendation: Do pass with different amendments. (Printed A-Eng. Minority) Refer to Ways and Means.Senate
  7. Jul 6In committee upon adjournment.Senate