Bill No.: HB0169                  Drafter:  MRW

LSO No.:  09LSO-0299              Effective Date:  7/1/2009

Enrolled Act No.:  HEA0095

Chapter No.:       184

Prime Sponsor:     Joint Minerals, Business and Economic Development Interim Committee

Catch Title:       Mortgage loan originators.

Subject:  Mortgage loan originators.

Summary/Major Elements:

• These changes to the Wyoming Residential Mortgage Practices Act and the Uniform Consumer Credit Code are necessary to comply with new federal requirements enacted in 2008.
• Provides for surety bonds under both acts.
• Requires coordination with and regular reporting to the nationwide mortgage licensing system and registry.
• Requires licensing for mortgage loan originators or persons who for compensation take a residential mortgage loan application or offer or negotiate the terms of a residential mortgage loan and provides for some exceptions from the licensing.
• Requires the registration of mortgage loan and loan originators.
• Provides for processing mortgage loan and loan originator applications.
• Provides for confidentiality of applications.
• Requires testing of mortgage loan & loan originators prior to licensing.
• Provides for pre-licensing education and continuing education.
• Provides for standards for license renewal.
• Provides for enforcement of these provisions.
• Provides for rulemaking authority to cover unique identifiers for the mortgage loan and loan originators.
• Provides conforming changes to existing statues.
• Requires fees for licensing.
• Repeals a license exemption for persons employed by or under contract with a licensee on a full-time basis or persons who are employed by or under contract with not more than 1 licensee on a part-time basis provided that any fees paid by borrowers are paid to the licensee or exempt entity and not to any employee or person under contract.

Comments:

· Amends major program – Amends the Wyoming Residential Mortgage Practices Act and the Uniform Consumer Credit Code.

Note:

· Final action on this bill was not taken at the time this summary was prepared.  Should changes be made to the bill upon final passage, an updated summary will be transmitted to all legislators.