Mortgage brokers; prohibition on dual compensation.
Summary
Mortgage brokers; prohibition on dual compensation. Clarifies the existing provisions that prohibit a licensed mortgagebroker from negotiating, placing, or finding a mortgage loan thatwill be used to finance the purchase of residential property if themortgage broker or its affiliate is acting as a real estate broker,agent, salesman, or firm in connection with the sale of the propertythat will secure the loan and receiving a commission or other thingof value for such services. Mortgage brokers who were licensed by the State Corporation Commission as of February 25, 1989, remainexempt from the prohibition if they furnish the prescribed writtennotice to the borrower.
Bill status
passed
3 of 5 stages cleared
Introduction
Jan 2020
Committee Review
Feb 2020
Senate Passage
Jan 2020
House of Delegates Passage
Governor
Introduced Jan 3, 2020
Last action Dec 4, 2020
Floor votes · Senate Jan 24, 2020
How they voted
38–0
Passed · 1 other
Total votes 39
Jan 24, 2020
D
Democratic21
100% Yea
R
Republican18
94% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
12
Key actions
2
Committee
3
Feb 13, 2020
Committee
Referred to Committee on Labor and Commerce
lower
Jan 24, 2020
Upper · Passed
Read third time and passed Senate (39-Y 0-N)
upper
Jan 20, 2020
Upper · Passed
Reported from Commerce and Labor (14-Y 0-N 1-A)
upper
Jan 3, 2020
Committee
Referred to Committee on Commerce and Labor
upper
Jan 3, 2020
Introduced
Prefiled and ordered printed; offered 01/08/20 20103636D
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Creigh Deeds
DDemocratic
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 291
Scope: VA
Hi! I can help you understand SB 291. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline