Virginia Senate Bill 157 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 7 2008 - 25% progression, died in chamber
Action: 2008-02-11 - Senate: Subject matter referrred by letter to Housing Commission pursuant to Senate Rule 20 (L)

Mortgage Lender and Broker Act; duties to borrowers. Establishes a fiduciary duty of mortgage brokers to borrowers. Mortgage brokers are required to act in the borrower's best interest and with the utmost good faith. Mortgage brokers have the duties (i) to disclose all material information that might reasonably affect the borrower's rights, interests, or ability to receive the intended benefit from the loan, including the total compensation that the mortgage broker would receive from any of the loan options presented to the borrower, and (ii) to make reasonable efforts to secure or obtain a mortgage loan that is in the best interest of the borrower. Mortgage lenders are required to act in good faith and deal fairly in any transaction, practice or course of business in connection with a mortgage loan, and to make reasonable efforts to make a mortgage loan that is reasonably advantageous to the borrower. In addition, mortgage brokers and lenders are required to safeguard and account for any money handled for a borrower, follow reasonable and lawful instructions from the borrower, and use reasonable skill, care, and diligence.

Mortgage lenders and brokers; duties to borrowers.

Sen. Donald McEachin [D]

Date	Chamber	Action
2008-02-11		Senate: Subject matter referrred by letter to Housing Commission pursuant to Senate Rule 20 (L)
2008-02-11		Senate: Continued to 2009 in Commerce and Labor by voice vote
2008-01-07		Senate: Referred to Committee on Commerce and Labor
2008-01-07		Senate: Prefiled and ordered printed; offered 01/09/08 088284273

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+SB157