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H0073...........................................................by BUSINESS
RESIDENTIAL MORTGAGE PRACTICES - Amends existing law relating to the
Residential Mortgage Practices Act to update references to federal
provisions.
01/28 House intro - 1st rdg - to printing
01/31 Rpt prt - to Bus
02/24 Rpt out - rec d/p - to 2nd rdg
02/25 2nd rdg - to 3rd rdg
03/03 3rd rdg - PASSED - 65-1-4
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer, Bell,
Bilbao, Black, Block, Boe, Bolz, Bradford, Cannon, Chadderdon, Clark,
Collins, Deal, Denney, Edmunson, Ellsworth, Field(18), Field(23),
Garrett, Hart, Harwood, Henbest, Henderson, Jaquet, Jones, Kemp,
Lake, LeFavour, Martinez, Mathews, McGeachin, McKague, Miller, Moyle,
Nielsen, Nonini, Pasley-Stuart, Pence, Raybould, Ring, Ringo,
Roberts, Rusche, Rydalch, Sali, Sayler, Schaefer, Shepherd(2),
Shepherd(8), Shirley, Skippen, Smith(30), Smith(24), Smylie,
Snodgrass, Stevenson, Trail, Wills, Wood, Mr. Speaker
NAYS -- Mitchell
Absent and excused -- Bedke, Crow, Eskridge, Loertscher
Floor Sponsor - Rusche
Title apvd - to Senate
03/04 Senate intro - 1st rdg - to Com/HuRes
03/16 Rpt out - rec d/p - to 2nd rdg
03/17 2nd rdg - to 3rd rdg
03/23 3rd rdg - PASSED - 34-0-0, 1 vacancy
AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett,
Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
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 -- (District 21 seat vacant)
Floor Sponsor - Werk
Title apvd - to House
03/24 To enrol
03/28 Rpt enrol - Sp signed
03/29 Pres signed
03/30 To Governor
04/05 Governor signed
Session Law Chapter 262
Effective: 07/01/05
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 73
BY BUSINESS COMMITTEE
1 AN ACT
2 RELATING TO THE RESIDENTIAL MORTGAGE PRACTICES ACT; AMENDING SECTION 26-3102,
3 IDAHO CODE, TO UPDATE REFERENCES TO FEDERAL PROVISIONS.
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 for a residential mort-
14 gage loan from a licensee, or person required to be licensed, under this chap-
15 ter, or on whose behalf the activities set forth in subsection (18), (19), or
16 (20) of this section are conducted.
17 (4) "Department" means the department of finance of the state of Idaho.
18 (5) "Director" means the director of the department of finance.
19 (6) "Licensee" means a person licensed pursuant to this chapter to engage
20 in the activities regulated by this act.
21 (7) "Mortgage lender" means any person, other than an exempt person, who
22 makes residential mortgage loans to borrowers, and performs the activities
23 described in subsection (18) of this section.
24 (8) "Mortgage broker" means any person, other than an exempt person, who
25 performs the activities described in subsection (19) of this section with
26 respect to a residential mortgage loan. For the purposes of this chapter, the
27 term "mortgage broker" does not include persons who are mortgage lenders.
28 (9) "Loan originator" means any person, other than an exempt person, who
29 performs the activities described in subsection (20) of this section with
30 respect to a residential mortgage loan. For the purposes of this chapter, the
31 term "loan originator" does not include persons who are mortgage brokers or
32 mortgage lenders.
33 (10) "Mortgage brokerage agreement" means a written agreement in which a
34 mortgage broker agrees to obtain a residential mortgage loan for the borrower
35 or assist the borrower in obtaining a residential mortgage loan.
36 (11) "Person" means an individual, sole proprietorship, partnership, cor-
37 poration, limited liability company, limited liability partnership, or other
38 association of individuals, however organized.
39 (12) "Real estate settlement procedures act" means the act set forth in 12
40 U.S.C. section 2601 et seq., as amended to and including January 1, 20045, or
41 a subsequent date if so defined by administrative rule.
42 (13) "Regulation X" means regulation X as promulgated by the U.S. depart-
43 ment of housing and urban development and codified in 24 CFR part 3500 et
2
1 seq., as amended to and including January 1, 20045, or a subsequent date if so
2 defined by administrative rule.
3 (14) "Regulation Z" means regulation Z as promulgated by the board of gov-
4 ernors of the federal reserve system and codified in 12 CFR part 226 et seq.,
5 as amended to and including January 1, 20045, or a subsequent date if so
6 defined by administrative rule.
7 (15) "Residential mortgage loan" means a loan made primarily for personal,
8 family, or household use and primarily secured by a security interest on resi-
9 dential real property located in this state.
10 (16) "Residential real property" means real property located in this state
11 improved by a one (1) to four (4) family dwelling.
12 (17) "Truth in lending act" means the act set forth in 15 U.S.C. section
13 1601 et seq., as amended to and including January 1, 20045, or a subsequent
14 date if so defined by administrative rule.
15 (18) "Mortgage lending activities" means for compensation or gain, either
16 directly or indirectly, accepting or offering to accept applications for resi-
17 dential mortgage loans, assisting or offering to assist in the preparation of
18 an application for a residential mortgage loan.
19 (19) "Mortgage brokering activities" means for compensation or gain,
20 either directly or indirectly, accepting or offering to accept an application
21 for a residential mortgage loan, assisting or offering to assist in the prepa-
22 ration of an application for a residential mortgage loan on behalf of a bor-
23 rower, or negotiating or offering to negotiate the terms or conditions of a
24 residential mortgage loan with any person making residential mortgage loans.
25 (20) "Loan origination activities" means for compensation or gain, either
26 directly or indirectly, engaging in any of the following activities while rep-
27 resenting or acting on behalf of a mortgage broker or mortgage lender:
28 (a) Soliciting, accepting, or offering to accept an application for a
29 residential mortgage loan;
30 (b) Assisting a borrower or offering to assist a borrower in the prepara-
31 tion of a residential mortgage loan application; or
32 (c) Negotiating or offering to negotiate the terms or conditions of a
33 residential mortgage loan with a borrower.
STATEMENT OF PURPOSE
RS 14381
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 such
laws/regulations from January 1, 2004, up to and including January
1, 2005.
FISCAL IMPACT
No fiscal impact
CONTACT
Name: Michael Larsen
Agency: Finance, Dept. of
Phone: 332-8060
Statement of Purpose/Fiscal Impact H 73