VA HB1487 | 2008 | Regular Session

Virginia House Bill 1487 (Prior Session Legislation)

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 23 2008 - 100% progression
Action: 2008-04-23 - Governor: Acts of Assembly Chapter text (CHAP0863)

Summary

Home ownership protection. Authorizes the State Corporation Commission to impose a fine not exceeding $2,500 upon a mortgage lender or mortgage broker that is required to be licensed under the Mortgage Lender and Broker Act for violating any other law or regulation applicable to the conduct of the lender's or broker's business. The Housing Commission is directed to study all new federal legislation pertaining to mortgage lending and brokering, and to determine if the legislation requires changes to Virginia law. The measure authorizes the Commission to suspend or revoke a mortgage lender's or broker's license upon its failure promptly to pay when due reasonable fees to a licensed appraiser for appraisal services performed in connection with the origination or closing of a mortgage loan for a customer of the mortgage broker or lender. Other amendments to the Mortgage Lender and Broker Act (i) remove the element of the definition of a mortgage loan that has required the property securing the loan to be owner-occupied; (ii) require the Commission to conduct criminal background checks through the Central Criminal Records Exchange on every member, senior officer, director, and principal of a licensee; (iii) require licensees to conduct background checks on employees who may have access to or process personal identifying or financial information from a member of the public; (iv) require licensees to ensure that employees are properly trained in applicable state and federal mortgage lending laws and regulations; and (v) authorize the Attorney General to bring actions to enjoin violations of the federal Real Estate Settlement Procedures Act to the extent authorized by provisions of that Act.

Title

Mortgage Lender & Broker Act; SCC to enforce certain laws for home ownership protection.

History

Date	Chamber	Action
2008-04-23		Governor: Acts of Assembly Chapter text (CHAP0863)
2008-04-23		Governor: Approved by Governor-Chapter 863 (effective 7/1/08)
2008-04-23		Senate: Signed by President as reenrolled
2008-04-23		House: Signed by Speaker as reenrolled
2008-04-23		House: Reenrolled bill text (HB1487ER2)
2008-04-23		House: Reenrolled
2008-04-23		Governor: Governor's recommendation adopted
2008-04-23		Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
2008-04-23		House: VOTE: --- ADOPTION (97-Y 0-N)
2008-04-23		House: House concurred in Governor's recommendation (97-Y 0-N)
2008-04-22		House: Placed on Calendar
2008-04-11		House: Governor's recommendation received by House
2008-03-09		Senate: Signed by President
2008-03-06		House: Bill text as passed House and Senate (HB1487ER)
2008-03-06		House: Signed by Speaker
2008-03-06		House: Enrolled
2008-03-04		House: VOTE: --- ADOPTION (99-Y 0-N)
2008-03-04		House: Senate substitute agreed to by House 089567744-S1 (99-Y 0-N)
2008-03-03		House: Passed by for the day
2008-02-29		House: Placed on Calendar
2008-02-28		Senate: Passed Senate with substitute (40-Y 0-N)
2008-02-28		Senate: Engrossed by Senate - committee substitute HB1487S1
2008-02-28		Senate: Committee substitute agreed to 089567744-S1
2008-02-28		Senate: Reading of substitute waived
2008-02-28		Senate: Read third time
2008-02-27		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-02-26		Senate: Committee substitute printed 089567744-S1
2008-02-25		Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
2008-02-07		Senate: Referred to Committee on Commerce and Labor
2008-02-07		Senate: Constitutional reading dispensed
2008-02-06		House: Communicated to Senate
2008-02-06		House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
2008-02-06		House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
2008-02-05		House: Engrossed by House - committee substitute HB1487H1
2008-02-05		House: Committee substitute agreed to 080172744-H1
2008-02-05		House: Read second time
2008-02-04		House: Read first time
2008-02-01		House: Committee substitute printed 080172744-H1
2008-01-31		House: Reported from Commerce and Labor with substitute (22-Y 0-N)
2008-01-30		House: Assigned C & L sub: 2
2008-01-17		House: Referred to Committee on Commerce and Labor
2008-01-17		House: Presented and ordered printed 080070744