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SB 1459 California Senate · 2013-2014 Regular Session

Mortgage loan originators: educational requirements.

Summary
The California Finance Lenders Law and the California Residential Mortgage Lending Act define a mortgage loan originator as an individual who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or gain. These laws require that mortgage loan originators be appropriately licensed and fulfill certain educational and other requirements. This bill would require, for the purpose of obtaining a mortgage loan originator license, that an applicant complete 2 hours of approved education related to relevant California law and regulation. The bill would require, for purposes of continuing educational requirements for mortgage loan originators, that a licensee complete one hour of continuing education related to relevant California law and regulation. The bill would specify that a test developed or deemed acceptable by the Nationwide Mortgage Licensing System and Registry meets the requirement for a written test that an applicant for a mortgage loan originator must pass.
Bill status signed all 5 stages cleared
Introduction
Feb 2014
Committee Review
Jun 2014
Senate Passage
May 2014
Assembly Passage
Jun 2014
Signed into Law
Jul 2014
Introduced Feb 25, 2014 Signed Jul 10, 2014
Floor votes · Senate May 15, 2014 · Assembly Jun 26, 2014

How they voted

36–0
Passed · 4 other
Total votes 40
May 15, 2014
D Democratic28
25 Yea 3
89% Yea
R Republican12
11 Yea 1
91% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
23
Key actions
9
Committee
8
Jul 10, 2014
Signed into law
Approved by the Governor.
legislature
Jun 26, 2014
Assembly · Passed
Assembly Vote: pass (74-0-3)
assembly
Jun 18, 2014
Lower · Passed
From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (June 18).
lower
Jun 10, 2014
Lower · Passed
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (June 9). Re-referred to Com. on APPR.
lower
May 23, 2014
Committee
Referred to Com. on B. & F.
lower
May 15, 2014
Senate · Passed
Senate Vote: pass (36-0-4)
senate
May 12, 2014
Upper · Passed
From committee: Be placed on second reading file pursuant to Senate Rule 28.8 and ordered to consent calendar.
upper
Apr 30, 2014
Upper · Passed
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 9. Noes 0. Page 3308.) (April 30). Re-referred to Com. on APPR.
upper
Apr 21, 2014
Upper · Passed
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
upper
Mar 28, 2014
Upper · Passed
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
upper
Mar 17, 2014
Committee
Referred to Com. on B. & F.I.
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.