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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
]]]] 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
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