Sunset Continue Board Of Mortgage Loan Originators
| Type | Bill |
|---|---|
| Session | 2018 Regular Session |
| Subjects |
Concerning the continuation under the sunset law of the board of mortgage loan originators, and, in connection therewith, adopting the legislative recommendations of the department of regulatory agencies as contained in the department's sunset report.
Bill Summary:
Board of mortgage loan originators - continuation under sunset law - license application procedure - educational requirements - grounds for denial - composition of board. The act implements the recommendations of the department of regulatory agencies in its sunset review of the board of mortgage loan originators. Sections 1 and 2 of the act continue the board for 11 years, until September 1, 2029.
Section 3 commences the 60-day period within which the board must act on a license application on the date when all information, including supplementary information, necessary to process the application has been received rather than on the date when the application is first received. Section 3 also aligns the educational requirements for initial licensure as a mortgage loan originator (MLO) with the educational requirements of the federal "Secure and Fair Enforcement for Mortgage Licensing Act of 2008" (the SAFE Act).
Section 4 aligns the standards for disqualifying prior convictions with the corresponding standards in the SAFE Act and applies those standards to renewal and revocation as well as initial licensure.
Section 5 encourages the governor to appoint to one of the 3 seats on the board that is assigned to MLOs an MLO who is an employee or exclusive agent of, or works as an independent contractor for, a Colorado-based mortgage company.
(Note: This summary applies to this bill as enacted.)
Committees
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 02/14/2018 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1174 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 7-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1174 to the Committee on Appropriations. | The motion passed on a vote of 7-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1174 to the Committee of the Whole. | The motion passed on a vote of 11-2. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1174 to the Committee on Appropriations. | The motion passed on a vote of 11-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002 | The motion passed without objection. | Vote summary |
| Refer House Bill 18-1174, as amended, to the Committee on Finance. | The motion passed on a vote of 13-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/26/2018 | Third Reading | BILL |
32
AYE
3
NO
0
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/09/2018 | Third Reading | BILL |
48
AYE
15
NO
2
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/29/2018 | Governor | Governor Signed |
| 05/04/2018 | Governor | Sent to the Governor |
| 05/04/2018 | Senate | Signed by the President of the Senate |
| 05/02/2018 | House | Signed by the Speaker of the House |
| 04/26/2018 | Senate | Senate Third Reading Passed - No Amendments |
| 04/25/2018 | Senate | Senate Second Reading Special Order - Passed - No Amendments |
| 04/24/2018 | Senate | Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 04/16/2018 | Senate | Senate Committee on Business, Labor, & Technology Refer Unamended to Appropriations |
| 04/09/2018 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |
| 04/09/2018 | House | House Third Reading Passed - No Amendments |
| 04/06/2018 | House | House Second Reading Special Order - Passed with Amendments - Committee |
| 04/06/2018 | House | House Committee on Appropriations Refer Unamended to House Committee of the Whole |
| 03/21/2018 | House | House Committee on Finance Refer Unamended to Appropriations |
| 02/13/2018 | House | House Committee on Business Affairs and Labor Refer Amended to Finance |
| 02/02/2018 | House | Introduced In House - Assigned to Business Affairs and Labor |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/08/2018 | 282 | Sunset Continue Bd Of Mortgage Loan Originators |