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H0714aa,aaS................................................by STATE AFFAIRS
MORTGAGE BROKERS - Amends existing law to authorize the director of the
Department of Finance to participate in the establishment and
implementation of a multistate automated licensing system for mortgage
brokers and lenders and individual mortgage loan originators; to require
criminal history record checks; and to exempt certain individuals and
persons from information and participation requirements.
02/22 House intro - 1st rdg - to printing
02/23 Rpt prt - to Bus
03/02 Rpt out - to Gen Ord
03/08 Rpt out amen - to engros
03/09 Rpt engros - 1st rdg - to 2nd rdg as amen
03/10 2nd rdg - to 3rd rdg as amen
03/15 3rd rdg as amen - PASSED - 65-1-4
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
Bedke, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford,
Cannon, Chadderdon, Clark, Collins, Deal, Denney, Edmunson, Eskridge,
Field(18), Field(23), Garrett, Hart, Harwood, Henbest, Henderson,
Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews,
McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini,
Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche,
Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shepherd(8), Skippen,
Smith(30), Smylie, Snodgrass, Stevenson, Trail, Wood, Mr. Speaker
NAYS -- Smith(24)
Absent and excused -- Crow, Ellsworth, Shirley, Wills
Floor Sponsor - Miller
Title apvd - to Senate
03/16 Senate intro - 1st rdg - to St Aff
03/27 Rpt out - to 14th Ord
03/28 Rpt out amen - to 1st rdg as amen
03/29 1st rdg - to 2nd rdg as amen
03/30 2nd rdg - to 3rd rdg as amen
Rls susp - PASSED - 34-0-1
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, Werk, Williams
NAYS -- None
Absent and excused -- Sweet
Floor Sponsor - Stegner
Title apvd - to House
04/03 House concurred in Senate amens - to engros
04/04 Rpt engros - 1st rdg - to 2nd rdg as amen
Rls susp - PASSED - 66-0-4
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
Bedke, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon,
Chadderdon, Clark, Collins, Deal, Denney, Edmunson, Ellsworth,
Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henbest,
Henderson, Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez,
Mathews, McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen,
Nonini, Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche,
Rydalch, Sali, Sayler, Shepherd(8), Shirley, Skippen, Smith(30),
Smith(24), Smylie, Snodgrass, Stevenson, Trail, Wills, Wood, Mr.
Speaker
NAYS -- None
Absent and excused -- Bell, Crow, Schaefer, Shepherd(2)
Floor Sponsor - Deal
Title apvd - To enrol - Rpt enrol - Sp signed
04/05 Pres signed - To Governor
04/10 Governor signed
Session Law Chapter 410
Effective: 07/01/06
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 714
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO THE POWERS AND DUTIES OF THE DIRECTOR OF THE DEPARTMENT OF
3 FINANCE; AMENDING SECTION 26-3105, IDAHO CODE, TO AUTHORIZE THE DIRECTOR
4 TO PARTICIPATE IN THE ESTABLISHMENT AND IMPLEMENTATION OF A MULTISTATE
5 AUTOMATED LICENSING SYSTEM FOR MORTGAGE BROKERS AND LENDERS AND INDIVIDUAL
6 MORTGAGE LOAN ORIGINATORS, TO REQUIRE CRIMINAL HISTORY RECORD CHECKS AND
7 TO EXEMPT FROM INFORMATION AND PARTICIPATION REQUIREMENTS CERTAIN EMPLOY-
8 EES AND AGENTS.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 26-3105, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 26-3105. POWERS AND DUTIES OF DIRECTOR. (1) In addition to any other
13 duties imposed upon the director by law, the director shall:
14 (1a) Administer and enforce the provisions and requirements of this chap-
15 ter;
16 (2b) Conduct investigations and issue subpoenas as necessary to determine
17 whether a person has violated any provision of this chapter or rules pro-
18 mulgated under the authority of this chapter;
19 (3c) Conduct examinations of the books and records of licensees and con-
20 duct investigations as necessary and proper for the enforcement of the
21 provisions of this chapter and the rules promulgated under the authority
22 of this chapter;
23 (4d) Appoint a volunteer advisory board which shall consist of two (2)
24 individuals who are mortgage lenders and two (2) individuals who are mort-
25 gage brokers;
26 (5e) Pursuant to chapter 52, title 67, Idaho Code, issue orders and pro-
27 mulgate rules that, in the opinion of the director, are necessary to exe-
28 cute, enforce and effectuate the purposes of this chapter;
29 (6f) Be authorized to set, by annual written notification to licensees,
30 limits on the fees and charges which are set forth in subsections (1) and
31 (2) of section 26-3113, Idaho Code;
32 (7g) Require that all funds collected by the department under this chap-
33 ter be deposited into the finance administrative account pursuant to sec-
34 tion 67-2702, Idaho Code; and
35 (8h) Review and approve forms used by licensees prior to their use as
36 prescribed by the director.
37 (2) The legislature has determined that a uniform multistate administra-
38 tion of an automated licensing system for mortgage brokers, mortgage lenders
39 and individual mortgage loan originators is consistent with both the public
40 interest and the purposes of this chapter; therefore, in order to participate
41 in the establishment and implementation of a multistate automated licensing
42 system for mortgage brokers, mortgage lenders and individual mortgage loan
43 originators, the director is authorized:
2
1 (a) To waive or modify, in whole or in part, by rule or order, any or all
2 of the requirements of sections 26-3108, 26-3108A, 26-3110 and 26-3111,
3 Idaho Code;
4 (b) To establish such new requirements as are necessary for the state of
5 Idaho to participate in a multistate automated licensing system upon the
6 director's finding that each new requirement is consistent with both the
7 public interest and the purposes of this chapter; and
8 (c) To require a background investigation of each applicant for a mort-
9 gage broker, mortgage lender or loan originator license by means of fin-
10 gerprint checks by the Idaho state police and the FBI for state and
11 national criminal history record checks, commencing at such time as Idaho
12 joins a multistate automated licensing system for mortgage brokers, mort-
13 gage lenders and individual mortgage loan originators pursuant to this
14 subsection (2). The information obtained thereby may be used by the direc-
15 tor to determine the applicant's eligibility for licensing under this
16 chapter. The fee required to perform the criminal history record check
17 shall be borne by the license applicant. Information obtained or held by
18 the director pursuant to this subsection (2) shall be considered confiden-
19 tial personal information and shall be exempt from disclosure pursuant to
20 section 9-340C(8) and (9), Idaho Code.
21 (d) Nothing in this section shall authorize the director to require
22 employees or exclusive agents of exempt regulated lenders as set forth in
23 section 26-3103(4), Idaho Code, to submit information to, or to partici-
24 pate in, the uniform multistate licensing system.
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
Moved by Davis
Seconded by Stegner
IN THE SENATE
SENATE AMENDMENT TO H.B. NO. 714, As Amended
1 AMENDMENTS TO SECTION 1
2 On page 1 of the engrossed bill, in line 40, delete "in order to partici-
3 pate" and insert: "for the sole purpose of participating"; on page 2, delete
4 lines 1 through 3 and insert:
5 "(a) To modify by rule the license renewal dates set forth in section
6 26-3111(3) and (4), Idaho Code;";
7 in line 4, following "establish" insert: "by rule"; and in line 21, delete
8 "(d) Nothing in" and insert:
9 "(3) Nothing in subsection (2) of".
2
Moved by Deal
Seconded by Rusche
IN THE HOUSE OF REPRESENTATIVES
HOUSE AMENDMENT TO H.B. NO. 714
1 AMENDMENT TO SECTION 1
2 On page 2 of the printed bill, delete lines 22 through 24 and insert: "any
3 individual or person exempt under section 26-3103, Idaho Code, or employees or
4 agents of any such exempt individual or person, to submit information to, or
5 to participate in, the uniform multistate licensing system.".
6 CORRECTION TO TITLE
7 On page 1, delete lines 7 and 8 and insert: "TO EXEMPT CERTAIN INDIVIDUALS
8 AND PERSONS FROM INFORMATION AND PARTICIPATION REQUIREMENTS.".
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 714, As Amended, As Amended in the Senate
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO THE POWERS AND DUTIES OF THE DIRECTOR OF THE DEPARTMENT OF
3 FINANCE; AMENDING SECTION 26-3105, IDAHO CODE, TO AUTHORIZE THE DIRECTOR
4 TO PARTICIPATE IN THE ESTABLISHMENT AND IMPLEMENTATION OF A MULTISTATE
5 AUTOMATED LICENSING SYSTEM FOR MORTGAGE BROKERS AND LENDERS AND INDIVIDUAL
6 MORTGAGE LOAN ORIGINATORS, TO REQUIRE CRIMINAL HISTORY RECORD CHECKS AND
7 TO EXEMPT CERTAIN INDIVIDUALS AND PERSONS FROM INFORMATION AND PARTICIPA-
8 TION REQUIREMENTS.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 26-3105, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 26-3105. POWERS AND DUTIES OF DIRECTOR. (1) In addition to any other
13 duties imposed upon the director by law, the director shall:
14 (1a) Administer and enforce the provisions and requirements of this chap-
15 ter;
16 (2b) Conduct investigations and issue subpoenas as necessary to determine
17 whether a person has violated any provision of this chapter or rules pro-
18 mulgated under the authority of this chapter;
19 (3c) Conduct examinations of the books and records of licensees and con-
20 duct investigations as necessary and proper for the enforcement of the
21 provisions of this chapter and the rules promulgated under the authority
22 of this chapter;
23 (4d) Appoint a volunteer advisory board which shall consist of two (2)
24 individuals who are mortgage lenders and two (2) individuals who are mort-
25 gage brokers;
26 (5e) Pursuant to chapter 52, title 67, Idaho Code, issue orders and pro-
27 mulgate rules that, in the opinion of the director, are necessary to exe-
28 cute, enforce and effectuate the purposes of this chapter;
29 (6f) Be authorized to set, by annual written notification to licensees,
30 limits on the fees and charges which are set forth in subsections (1) and
31 (2) of section 26-3113, Idaho Code;
32 (7g) Require that all funds collected by the department under this chap-
33 ter be deposited into the finance administrative account pursuant to sec-
34 tion 67-2702, Idaho Code; and
35 (8h) Review and approve forms used by licensees prior to their use as
36 prescribed by the director.
37 (2) The legislature has determined that a uniform multistate administra-
38 tion of an automated licensing system for mortgage brokers, mortgage lenders
39 and individual mortgage loan originators is consistent with both the public
40 interest and the purposes of this chapter; therefore, for the sole purpose of
41 participating in the establishment and implementation of a multistate auto-
42 mated licensing system for mortgage brokers, mortgage lenders and individual
43 mortgage loan originators, the director is authorized:
2
1 (a) To modify by rule the license renewal dates set forth in section
2 26-3111(3) and (4), Idaho Code;
3 (b) To establish by rule such new requirements as are necessary for the
4 state of Idaho to participate in a multistate automated licensing system
5 upon the director's finding that each new requirement is consistent with
6 both the public interest and the purposes of this chapter; and
7 (c) To require a background investigation of each applicant for a mort-
8 gage broker, mortgage lender or loan originator license by means of fin-
9 gerprint checks by the Idaho state police and the FBI for state and
10 national criminal history record checks, commencing at such time as Idaho
11 joins a multistate automated licensing system for mortgage brokers, mort-
12 gage lenders and individual mortgage loan originators pursuant to this
13 subsection (2). The information obtained thereby may be used by the direc-
14 tor to determine the applicant's eligibility for licensing under this
15 chapter. The fee required to perform the criminal history record check
16 shall be borne by the license applicant. Information obtained or held by
17 the director pursuant to this subsection (2) shall be considered confiden-
18 tial personal information and shall be exempt from disclosure pursuant to
19 section 9-340C(8) and (9), Idaho Code.
20 (3) Nothing in subsection (2) of this section shall authorize the direc-
21 tor to require any individual or person exempt under section 26-3103, Idaho
22 Code, or employees or agents of any such exempt individual or person, to sub-
23 mit information to, or to participate in, the uniform multistate licensing
24 system.
3
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 714, As Amended
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO THE POWERS AND DUTIES OF THE DIRECTOR OF THE DEPARTMENT OF
3 FINANCE; AMENDING SECTION 26-3105, IDAHO CODE, TO AUTHORIZE THE DIRECTOR
4 TO PARTICIPATE IN THE ESTABLISHMENT AND IMPLEMENTATION OF A MULTISTATE
5 AUTOMATED LICENSING SYSTEM FOR MORTGAGE BROKERS AND LENDERS AND INDIVIDUAL
6 MORTGAGE LOAN ORIGINATORS, TO REQUIRE CRIMINAL HISTORY RECORD CHECKS AND
7 TO EXEMPT CERTAIN INDIVIDUALS AND PERSONS FROM INFORMATION AND PARTICIPA-
8 TION REQUIREMENTS.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 2. That Section 26-3105, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 26-3105. POWERS AND DUTIES OF DIRECTOR. (1) In addition to any other
13 duties imposed upon the director by law, the director shall:
14 (1a) Administer and enforce the provisions and requirements of this chap-
15 ter;
16 (2b) Conduct investigations and issue subpoenas as necessary to determine
17 whether a person has violated any provision of this chapter or rules pro-
18 mulgated under the authority of this chapter;
19 (3c) Conduct examinations of the books and records of licensees and con-
20 duct investigations as necessary and proper for the enforcement of the
21 provisions of this chapter and the rules promulgated under the authority
22 of this chapter;
23 (4d) Appoint a volunteer advisory board which shall consist of two (2)
24 individuals who are mortgage lenders and two (2) individuals who are mort-
25 gage brokers;
26 (5e) Pursuant to chapter 52, title 67, Idaho Code, issue orders and pro-
27 mulgate rules that, in the opinion of the director, are necessary to exe-
28 cute, enforce and effectuate the purposes of this chapter;
29 (6f) Be authorized to set, by annual written notification to licensees,
30 limits on the fees and charges which are set forth in subsections (1) and
31 (2) of section 26-3113, Idaho Code;
32 (7g) Require that all funds collected by the department under this chap-
33 ter be deposited into the finance administrative account pursuant to sec-
34 tion 67-2702, Idaho Code; and
35 (8h) Review and approve forms used by licensees prior to their use as
36 prescribed by the director.
37 (2) The legislature has determined that a uniform multistate administra-
38 tion of an automated licensing system for mortgage brokers, mortgage lenders
39 and individual mortgage loan originators is consistent with both the public
40 interest and the purposes of this chapter; therefore, in order to participate
41 in the establishment and implementation of a multistate automated licensing
42 system for mortgage brokers, mortgage lenders and individual mortgage loan
43 originators, the director is authorized:
44 (a) To waive or modify, in whole or in part, by rule or order, any or all
45 of the requirements of sections 26-3108, 26-3108A, 26-3110 and 26-3111,
46 Idaho Code;
4
1 (b) To establish such new requirements as are necessary for the state of
2 Idaho to participate in a multistate automated licensing system upon the
3 director's finding that each new requirement is consistent with both the
4 public interest and the purposes of this chapter; and
5 (c) To require a background investigation of each applicant for a mort-
6 gage broker, mortgage lender or loan originator license by means of fin-
7 gerprint checks by the Idaho state police and the FBI for state and
8 national criminal history record checks, commencing at such time as Idaho
9 joins a multistate automated licensing system for mortgage brokers, mort-
10 gage lenders and individual mortgage loan originators pursuant to this
11 subsection (2). The information obtained thereby may be used by the direc-
12 tor to determine the applicant's eligibility for licensing under this
13 chapter. The fee required to perform the criminal history record check
14 shall be borne by the license applicant. Information obtained or held by
15 the director pursuant to this subsection (2) shall be considered confiden-
16 tial personal information and shall be exempt from disclosure pursuant to
17 section 9-340C(8) and (9), Idaho Code.
18 (d) Nothing in this section shall authorize the director to require any
19 individual or person exempt under section 26-3103, Idaho Code, or employ-
20 ees or agents of any such exempt individual or person, to submit informa-
21 tion to, or to participate in, the uniform multistate licensing system.
STATEMENT OF PURPOSE
RS 16100
The purpose of this bill is to amend the Idaho Residential Mortgage
Practices Act to permit Idaho licensed mortgage brokers, mortgage
lenders, and mortgage loan originators to readily convert to a
uniform nationwide mortgage licensing system when that system is
approved and adopted for implementation pursuant to a national
uniform mortgage licensing project spearheaded by industry
representatives, the Conference of State Bank Supervisors (CSBS),
and the American Association of Residential Mortgage Regulators
(AARMR).
FISCAL NOTE
No fiscal impact to the general fund. It is anticipated that a
nationwide mortgage licensing system may lead to an increase in the
number of Idaho licensees. This would lead to increased licensing
revenues to the Department's dedicated account.
Contact
Name: Mike Larsen, Department of Finance
Phone: 332-8060
STATEMENT OF PURPOSE/FISCAL NOTE H 714