Relating to licensing requirements for mortgage loan originators; and declaring an emergency.
Catchline/Summary:
Exempts from mortgage loan originator licensing requirements individual who, as seller during any 12-month period, offers or negotiates terms for not more than three residential mortgage loans that are secured by dwelling unit that did not serve as individual's residence, unless United States Consumer Financial Protection Bureau determines otherwise. Exempts from mortgage loan originator licensing requirements individual who, as seller during any 12-month period, offers or negotiates terms for not more than three residential mortgage loans as security for purchase money obligations] that are secured by dwelling unit that did not serve as individual's residence, unless United States Department of Housing and Urban Development] Consumer Financial Protection Bureau determines otherwise.
Becomes operative 91 days after effective date of Act.
Declares emergency, effective on passage.
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HB 2856
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