Bill > H0401

This bill amends, repeals, and adds to existing law to revise the regulations and requirements for mortgage lenders in this state. Key provisions include: - Modifying definitions related to mortgage lending, including "borrower", "control person", "mortgage broker", "mortgage lender", and "servicing". - Removing the requirement for a "qualified person in charge" for each licensed mortgage broker or lender location. - Prohibiting mortgage brokers and lenders from engaging in certain practices, such as delaying closings to increase costs or receiving undisclosed fees. - Requiring mortgage lenders to disclose and limit reserve account balances, and provide annual statements to borrowers. - Allowing individuals to obtain temporary authority to originate loans in the state under certain conditions, even if not yet fully licensed as a mortgage loan originator. Overall, the bill aims to strengthen regulation and oversight of mortgage lending activities in the state.

Business and Industry, Justice

Business Committee (House)

https://legislature.idaho.gov/sessioninfo/2020/legislation/H0401/