HOUSE BILL NO. 523

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Bill Status



H0523...........................................................by BUSINESS
RESIDENTIAL MORTGAGE - Amends existing law relating to residential mortgage
practices to revise dates applicable to amended federal acts and
regulations.
                                                                        
01/22    House intro - 1st rdg - to printing
01/23    Rpt prt - to Bus
02/04    Rpt out - rec d/p - to 2nd rdg
02/05    2nd rdg - to 3rd rdg
02/09    3rd rdg - PASSED - 68-0-2
      AYES -- Andersen, Barraclough, Barrett, Bauer, Bayer, Bedke, Bell,
      Black, Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins,
      Cuddy, Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth, Eskridge,
      Field(18), Field(23), Gagner, Garrett, Harwood, Henbest, Jaquet,
      Jones, Kellogg, Kulczyk, Lake, Langford, Langhorst, Martinez,
      McKague, Meyer, Miller, Mitchell, Moyle, Naccarato, Nielsen,
      Pasley-Stuart, Raybould, Ridinger, Ring, Ringo, Roberts, Robison,
      Rydalch, Sali, Sayler, Schaefer, Shepherd, Shirley, Skippen,
      Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail, Wills,
      Wood, Mr. Speaker
      NAYS -- None
      Absent and excused -- Crow, McGeachin
    Floor Sponsor - Snodgrass
    Title apvd - to Senate
02/10    Senate intro - 1st rdg - to Com/HuRes
02/20    Rpt out - rec d/p - to 2nd rdg
02/23    2nd rdg - to 3rd rdg
03/10    3rd rdg - PASSED - 34-0-1
      AYES -- Andreason(Andreason), Bailey, Bunderson, Burkett, Burtenshaw,
      Calabretta, Cameron, Compton, Darrington, Davis, Gannon, Geddes,
      Goedde, Hill, Ingram, Kennedy, Keough, Little, Lodge, Malepeai,
      Marley, McKenzie, McWilliams, Noble, Noh, Pearce, Richardson,
      Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk, Williams
      NAYS -- None
      Absent and excused -- Brandt
    Floor Sponsor - Goedde
    Title apvd - to House
03/11    To enrol
03/12    Rpt enrol - Sp signed
03/15    Pres signed
03/16    To Governor
03/19    Governor signed
         Session Law Chapter 99
         Effective: 07/01/04

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-seventh Legislature                 Second Regular Session - 2004
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 523
                                                                        
                                   BY BUSINESS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO RESIDENTIAL MORTGAGE PRACTICES; AMENDING  SECTION  26-3102,  IDAHO
  3        CODE, TO REVISE DATES APPLICABLE TO AMENDED ACTS AND REGULATIONS.
                                                                        
  4    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  5        SECTION  1.  That  Section 26-3102, Idaho Code, be, and the same is hereby
  6    amended to read as follows:
                                                                        
  7        26-3102.  DEFINITIONS. As used in this chapter and  in  rules  promulgated
  8    pursuant to this chapter:
  9        (1)  "Act" means this Idaho residential mortgage practices act.
 10        (2)  "Agent"  means  a person who acts with the consent and on behalf of a
 11    licensee, and is subject to the licensee's direct or indirect control, and may
 12    include an independent contractor.
 13        (3)  "Borrower" means the person who has applied to a lender for  a  resi-
 14    dential  mortgage  loan or on whose behalf the activities set forth in subsec-
 15    tions (17) and (18) of this section are conducted.
 16        (4)  "Department" means the department of finance of the state of Idaho.
 17        (5)  "Director" means the director of the department of finance.
 18        (6)  "Licensee" means a person licensed pursuant to this chapter to engage
 19    in the activities regulated by this act.
 20        (7)  "Mortgage banker" means any person, other than an exempt person,  who
 21    makes  residential  mortgage  loans  to borrowers, and performs the activities
 22    described in subsection (17) of this section.
 23        (8)  "Mortgage broker" means any person, other than an exempt person,  who
 24    performs  the  activities  described  in  subsection (18) of this section with
 25    respect to a residential mortgage loan. For the purposes of this chapter,  the
 26    term "mortgage broker" does not include persons who are mortgage bankers.
 27        (9)  "Mortgage  brokerage  agreement" means a written agreement in which a
 28    mortgage broker agrees to obtain a residential mortgage loan for the  borrower
 29    or assist the borrower in obtaining a residential mortgage loan.
 30        (10) "Person"  means an individual, sole proprietorship, partnership, cor-
 31    poration, or other association of individuals, however organized.
 32        (11) "Real estate settlement procedures act" means the act set forth in 12
 33    U.S.C. section 2601 et seq., as amended to and including January 1, 20034,  or
 34    a subsequent date if so defined by administrative rule.
 35        (12) "Regulation  X" means regulation X as promulgated by the U.S. depart-
 36    ment of housing and urban development and codified in  24  CFR  part  3500  et
 37    seq., as amended to and including January 1, 20034, or a subsequent date if so
 38    defined by administrative rule.
 39        (13) "Regulation Z" means regulation Z as promulgated by the board of gov-
 40    ernors  of the federal reserve system and codified in 12 CFR part 226 et seq.,
 41    as amended to and including January 1, 20034,  or  a  subsequent  date  if  so
 42    defined by administrative rule.
 43        (14) "Residential mortgage loan" means a loan made primarily for personal,
                                                                        
                                           2
                                                                        
  1    family, or household use and primarily secured by a security interest on resi-
  2    dential real property located in this state.
  3        (15) "Residential real property" means real property located in this state
  4    improved by a one (1) to four (4) family dwelling.
  5        (16) "Truth  in  lending act" means the act set forth in 15 U.S.C. section
  6    1601 et seq., as amended to and including January 1, 20034,  or  a  subsequent
  7    date if so defined by administrative rule.
  8        (17) "Mortgage  banking activities" means for compensation or gain, either
  9    directly or indirectly, accepting or offering to accept applications for resi-
 10    dential mortgage loans, assisting or offering to assist in the preparation  of
 11    an application for a residential mortgage loan.
 12        (18) "Mortgage  brokering  activities"  means  for  compensation  or gain,
 13    either directly or indirectly, accepting or offering to accept an  application
 14    for a residential mortgage loan, assisting or offering to assist in the prepa-
 15    ration  of  an application for a residential mortgage loan on behalf of a bor-
 16    rower, or negotiating or offering to negotiate the terms or  conditions  of  a
 17    residential mortgage loan with any person making residential mortgage loans.

Statement of Purpose / Fiscal Impact


                     STATEMENT  OF  PURPOSE
                            RS 13482
The purpose of this bill is to amend the definitional section of
the Idaho Residential Mortgage Practices Act referencing the
following federal laws/regulations: (i) Real Estate Settlement
Procedures Act; (ii) Regulation X; (iii) Truth in Lending Act; and
(iv) Regulation Z.  This legislation will update the definitions of
the foregoing federal laws/regulations to include changes to the
such laws/regulations from January 1, 2003, up to and including
January 1, 2004.





                         FISCAL  IMPACT
No fiscal impact




CONTACT   
Name:     Michael Larsen
Agency:   Department of Finance
Phone:    208-332-8060

Statement of Purpose/Fiscal Impact                     H 523