summary
Introduced
02/06/2013
02/06/2013
In Committee
03/21/2013
03/21/2013
Crossed Over
Passed
Dead
11/30/2014
11/30/2014
Introduced Session
2013-2014 Regular Session
Bill Summary
An act to amend Sections 22013 and 50003.5 of the Financial Code, relating to mortgage loan originators.
AI Summary
This bill amends sections of the Financial Code related to mortgage loan originators, who are individuals that for compensation take loan applications or negotiate terms for residential mortgage loans. Specifically, it adds an exemption for individuals who originate five or fewer residential mortgage loans secured by a manufactured home or mobilehome within a 12-month period, meaning these individuals would not need to be licensed as mortgage loan originators. The bill also makes a minor wording change in the Financial Code regarding the registration requirements for bona fide nonprofit organizations that originate favorable mortgage loans for borrowers, changing "must" to "shall" for the registration requirement.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Returned to Secretary of Senate pursuant to Joint Rule 56. (on 02/03/2014)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| BillText | http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_0151-0200/sb_179_bill_20130319_amended_sen_v98.html | 04/26/2013 |
| Bill | http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_0151-0200/sb_179_bill_20130319_amended_sen_v98.pdf | 03/21/2013 |
| BillText | http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_0151-0200/sb_179_bill_20130206_introduced.html | 03/06/2013 |
| Bill | http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_179&sess=1314&house=S | 03/06/2013 |
| Bill | http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_0151-0200/sb_179_bill_20130206_introduced.pdf | 02/07/2013 |
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