Relating to regulation of mortgage lending; declaring an emergency.
Catchline/Summary:
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. 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.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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