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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, 200 45, 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, 200 45, 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, 200 45, 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, 200 45, 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