RESIDENTIAL MORTGAGE ORIGINATOR - S.B. 471: FLOOR ANALYSIS
Senate Bill 471 (as reported without amendment)
Sponsor: Senator Burton Leland
Committee: Banking and Financial Institutions
CONTENT
The bill would amend the Mortgage Brokers, Lenders, and Servicers Licensing Act to prohibit a residential mortgage originator from receiving certain compensation or benefits unless the originator was otherwise licensed or registered under the Act.
The bill would define "residential mortgage originator" as a person who assisted another person in obtaining a mortgage loan.
Under the bill, unless a residential mortgage originator was otherwise licensed or registered under the Act, a residential mortgage originator could not receive directly or indirectly any compensation, commission, fee, points, or other renumeration or benefits from a mortgage broker, mortgage lender, or mortgage servicer other than the employer of the residential mortgage originator.
The bill also provides that unless a residential mortgage originator was otherwise licensed or registered under the Act, a mortgage broker, mortgage lender, or mortgage servicer could not pay directly or indirectly any compensation, commission, fee, points, or other renumeration or benefits to a residential mortgage originator other than an employee of the mortgage broker, mortgage lender, or mortgage servicer.
MCL 445.1652 - Legislative Analyst: N. Nagata
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 5-24-01 - Fiscal Analyst: M. TyszkiewiczFloor\sb471 - Bill Analysis @ http://www.senate.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.