Legislative Session number- 85

Bill Name: SF1547

1E Relating to residential mortgage lending; modifying certain residential
mortgage originator and servicer licensing and education requirements; modifying
certificate of exemption requirements; modifying certain license application
content requirements and specifying certain waiver authority of the commissioner
of commerce; increasing certain fees; specifying certain examination powers of
the commissioner; providing for certain additional requirements for residential
mortgage originators and servicers to discourage predatory lending including
determining reasonable ability to pay; prohibiting a loan resulting in negative
amortization; prohibiting lenders from arranging residential mortgage loans with
a portion of the proceeds put toward a special mortgage; prohibiting residential
mortgage fraud, prescribing penalties; extending license renewal dates;
repealing a certain provision relating to residential mortgage originators bonds
and letters of credit
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