2006 Legislation
Print Friendly

HOUSE BILL NO. 584 – Mortgage brokering, license req’d

HOUSE BILL NO. 584

View Bill Status

View Bill Text

View Statement of Purpose / Fiscal Impact



Text to be added within a bill has been marked with Bold and
Underline. Text to be removed has been marked with
Strikethrough and Italic. How these codes are actually displayed will
vary based on the browser software you are using.

This sentence is marked with bold and underline to show added text.

This sentence is marked with strikethrough and italic, indicating
text to be removed.

Bill Status



H0584...........................................................by BUSINESS
RESIDENTIAL MORTGAGE PRACTICES - Amends existing law to prohibit certain
unlicensed persons from engaging in mortgage brokering activities, mortgage
lending activities or loan origination activities.
                                                                        
02/08    House intro - 1st rdg - to printing
02/09    Rpt prt - to Bus
02/22    Rpt out - rec d/p - to 2nd rdg
02/23    2nd rdg - to 3rd rdg
02/27    3rd rdg - PASSED - 66-1-3
      AYES -- Andrus, Barraclough, Barrett, Bastian, Bayer, Bedke, Bell,
      Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon,
      Chadderdon, Clark, Collins, Crow, Deal, Denney, Edmunson, Ellsworth,
      Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henbest,
      Henderson, Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez,
      Mathews, McGeachin, Miller, Moyle, Nielsen, Nonini, Pasley-Stuart,
      Pence, Raybould, Ring, Ringo, Roberts, Rusche, Rydalch, Sali(Sali),
      Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley, Skippen,
      Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail, Wills, Mr.
      Speaker
      NAYS -- McKague
      Absent and excused -- Anderson, Mitchell, Wood
    Floor Sponsor - Collins
    Title apvd - to Senate
02/28    Senate intro - 1st rdg - to Com/HuRes
03/08    Rpt out - rec d/p - to 2nd rdg
03/09    2nd rdg - to 3rd rdg
03/14    3rd rdg - PASSED - 35-0-0
      AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett,
      Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
      Fulcher, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough,
      Langhorst, Little, Lodge, Malepeai, Marley, McGee, McKenzie, Pearce,
      Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams
      NAYS -- None
      Absent and excused -- None
    Floor Sponsor - Goedde
    Title apvd - to House
03/15    To enrol
03/16    Rpt enrol - Sp signed
03/17    Pres signed - To Governor
03/22    Governor signed
         Session Law Chapter 123
         Effective: 03/22/06

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   Second Regular Session - 2006
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 584
                                                                        
                                   BY BUSINESS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO RESIDENTIAL MORTGAGE PRACTICES; AMENDING  SECTION  26-3104,  IDAHO
  3        CODE,  TO  PROHIBIT  CERTAIN  UNLICENSED PERSONS FROM ENGAGING IN MORTGAGE
  4        BROKERING ACTIVITIES, MORTGAGE  LENDING  ACTIVITIES  OR  LOAN  ORIGINATION
  5        ACTIVITIES; AND DECLARING AN EMERGENCY.
                                                                        
  6    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  7        SECTION  1.  That  Section 26-3104, Idaho Code, be, and the same is hereby
  8    amended to read as follows:
                                                                        
  9        26-3104.  UNLAWFUL ACTS. (1) Any person, except a person exempt under sec-
 10    tion 26-3103, Idaho Code, who engages in mortgage brokering or mortgage  lend-
 11    ing  activities  without  first obtaining a mortgage broker or mortgage lender
 12    license in accordance with this chapter, shall be guilty of a felony.
 13        (2)  Any person, not exempt under section 26-3103, Idaho Code, who engages
 14    in loan origination activities  without  first  obtaining  a  loan  originator
 15    license in accordance with this chapter, shall be guilty of a felony.
 16        (3)  No  person, except a person exempt under section 26-3103, Idaho Code,
 17    shall engage in mortgage brokering activities, mortgage lending activities, or
 18    loan origination activities without first obtaining a license from the depart-
 19    ment in accordance with this chapter.
                                                                        
 20        SECTION 2.  An emergency existing  therefor,  which  emergency  is  hereby
 21    declared to exist, this act shall be in full force and effect on and after its
 22    passage and approval.

Statement of Purpose / Fiscal Impact


                      STATEMENT OF PURPOSE
                                
                           RS 15344C1

     The purpose of this bill is to amend the Idaho Residential
Mortgage Practices Act to definitively establish that engaging in
mortgage brokering, mortgage lending, or mortgage loan
origination activities in Idaho without a license is a violation
of the Act.





                          FISCAL NOTE
     No fiscal impact








CONTACT
Name:     Mike Larsen
Agency:   Finance, Dept. of
Phone:    332-8060

STATEMENT OF PURPOSE/FISCAL NOTE                              H 584