Mortgage loan originators.
Summary
Existing law provides for the licensure and regulation of mortgage loan originators under the Real Estate Law, the California Finance Lenders Law, and the California Residential Mortgage Lending Act. Existing law defines a mortgage loan originator to mean an individual who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or gain, as specified. This bill would specify that a mortgage loan originator means an individual who performs those acts habitually or repeatedly and would also specify that a mortgage loan originator does not include an individual who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for no more than 5 residential mortgage loans in a calendar year where the loans are made in connection with the sale of residential property and the loan proceeds are from the seller's own funds.
Bill status
passed
3 of 5 stages cleared
Introduction
Feb 2011
Committee Review
Jun 2012
Senate Passage
May 2011
Assembly Passage
Governor
Introduced Feb 15, 2011
Last action Jul 2, 2012
Floor votes · Senate May 9, 2011
How they voted
35–0
Passed
Total votes 35
May 9, 2011
D
Democratic23
100% Yea
R
Republican12
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
32
Key actions
5
Committee
10
Jun 18, 2012
Committee
From committee: Be re-referred to Com. on B. & F. (Ayes 11. Noes 0.) (June 18). Re-referred to Com. on B. & F.
lower
May 21, 2012
Committee
Re-referred to Com. on RLS.
lower
Aug 18, 2011
Lower · Passed
From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 17).
lower
Jul 13, 2011
Lower · Passed
Hearing postponed by committee.
lower
Jun 14, 2011
Committee
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 9. Noes 0.) (June 14). Re-referred to Com. on APPR.
lower
May 19, 2011
Committee
Referred to Com. on B., P. & C.P.
lower
May 9, 2011
Senate · Passed
Senate Vote: pass (35-0)
senate
May 3, 2011
Upper · Passed
From committee: Be placed on second reading file pursuant to Senate Rule 28.8.
upper
Apr 12, 2011
Committee
From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0. Page 616.) (April 11). Re-referred to Com. on APPR.
upper
Mar 24, 2011
Upper · Passed
Hearing postponed by committee.
upper
Feb 24, 2011
Committee
Referred to Com. on B., P. & E.D.
upper
Feb 15, 2011
Introduced
Introduced. Read first time. To Com. on RLS. for assignment. To print.
upper
1 primary · 1 co-sponsor
Sponsors
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